Tuesday, December 28, 2010

More Jobs Sent Overseas

Unemployment in the United States are edging up near 9.8% regardless of the top 500 companies showing the highest increase in sales since 2008. Where are the jobs going? The companies are hiring overseas. The Economic Policy Institute, a Washington think tank, says "American companies have created 1.4 million jobs overseas this year, compared with less than 1 million in the U.S. The additional 1.4 million jobs would have lowered the U.S. unemployment rate to 8.9 percent, says Robert Scott, the institute's senior international economist." China has become the world's second largest economy, thanks to the American companies. Harvard Business School Dean Nitin Nohria worries that the trend could be dangerous. In an article in the November issue of the Harvard Business Review, he says that if U.S. businesses keep prospering while Americans are struggling, business leaders will lose legitimacy in society. He exhorted business leaders to find a way to link growth with job creation at home. Other economists, like Columbia University's Sachs, say multinational corporations have no choice, especially now that the quality of the global work force has improved. Sachs points out that the U.S. is falling in most global rankings for higher education while others are rising. Our jobs are being ripped from right under our feet and the products from overseas are being shoved down our throats.  Many 3rd world countries have set out to set to achieve the "American Dream". Now, the "American Dream" is no longer attainable by our own Americans. Countries like China and India are prospering while America is quickly spiraling downwards. The quality of life has been changed for many Americans and the future is looking dangerously scary.

1 comment:

  1. The people who are in control of bigger companies are only looking to increase profit margin instead of trying to help revive a struggling economy.


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