Christian Sandstrom writes on the Globalization Institute blog:
It is often claimed that outsourcing leads to increased unemployment within the country. But the facts point to the opposite. Despite huge worries about outsourcing in the last three or four years, U.S. unemployment is currently 5.0%, which is the lowest rate since September 2001. There are more jobs in the US economy today than ever before.
This should not come as a surprise to anyone. The idea that jobs are perpetually lost to other places implies that there is a fixed amount of work to do in a country. This is clearly not the case. In order to reduce costs, jobs are offshored to countries where the work force is cheaper. Profits are increased and this capital can be employed in other parts of the economy. Hence, domestic jobs are not disappearing, they're only transforming.
That's right, more is more.
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