Originally posted by: WhipperSnapper
Originally posted by: raildogg
Lou was cool. Now he is a ignoramus who ignores the facts. He was on 20/20 recently and they presented him with the facts that outsourcing creates more jobs and is beneficial, he had no answer. He keeps repeating the same old BS, about how outsourcing is bad. He fails to have a long and broad vision. He has a short and narrow vision. Is he even supportive of the free market? I'm not so sure anymore.
Where are all of these wonderful high-value-added knowledge-based middle class and upper middle class jobs? Why aren't we seeing this in the statistics? How do you explain what Paul Craig Roberts cited in the op-ed I linked to above?
Also, how do you deal with the logic behind the economic of global labor wage arbitrage? That is, if the amount of available and competent labor increases dramatically relative to the demand for labor (worldwide wealth, supply of capital) then why won't the price point (wages) decrease? Shouldn't the supply curve shift outward, intersecting the demand curve at a lower price point?
The problem with all of these bogus studies is that they don't make any logical sense. I have yet to hear anyone refute the simple economic logic that underlies global labor wage arbitrage.
Why will these wonderful high-value-added knowledge-based college-education-requiring jobs be performed in the U.S. when competent and willing people can be hired in other countries for much lower wages to produce the same product or service?
Just where did 20/20 obtain these alleged "facts"? From the Bush Administration? Harris Miller and the ITAA?