Moral Outrage
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Empirical Proof that Offshoring has Ruined the US Economy

In March of 2011, two economists Michael Spence, a Nobel prize-winner, assisted by Sandile Hlatshwayo, a researcher at New York University, published a careful empirical look at jobs offshoring and concluded that it has indeed ruined the income and employment prospects for most Americans.

With engineering, design, and research jobs offshored, and with many of the jobs that remain within the US filled by foreigners on HB-1 and L-1 visas, we now have the phenomenon of American university and college graduates, heavily indebted with student loans, jobless, and living with their parents, who support them.

Among the serious consequences of offshoring are the dismantling of the ladders of upward mobility that made the US an “opportunity society,” an extraordinary worsening of the income distribution, and large trade and federal budget deficits that cannot be closed by normal means. These deficits now threaten the US dollar’s role as world reserve currency.

Spence is careful not to say that globalism is the intentional result of enhancing capital’s profits at the expense of labor’s wages, but he does acknowledge that that is its effect.

Dr. Herman Daly, a former World Bank economist and professor at the University of Maryland, Dr. Charles McMillion, a Washington, DC, economic consultant, and Dr. Ralph Gomory, a distinguished mathematician and the world’s best trade theorist, understand that it is strictly impossible for an economy to be moved offshore and for the country with the offshored economy to remain prosperous.

And recently, yet another high-level warning came from the International Monetary Fund. The IMF report said that the US economy has been seriously eroded and that the age of America is over.

[Excerpt of an article by Paul Craig Roberts]

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