Just because there are fewer people coming into the work force, you can still have lots of people who want to leave and go abroad.
I still haven't seen the effects associated with a real shortage -- rising wages for workers and rising prices for consumers.
What Fox is saying is that the supply push will go down, for demographic reasons, and that's correct.
The basic idea back in 1986 was to close the labor-magnet door. With false documents, that blew that out of the water.