Your Salary Not Slashed Yet? Just Wait, it Could Still be Offshored
In addition to having your salary slashed, you also face the very real threat of having your job shipped overseas.
I was having lunch with a UBS banker today, who was quick to describe how many of his colleages are now training smart, young Indians to take over their positions. It’s fun to visit the up-and-coming country, but it’s also a difficult reality that’s eating away at Anglo-Saxon morale.
It’s not an isolated occurrence, as former White House economist Alan Blinder points out, 38 percent of American jobs could ultimately meet this fate. He recommends that measures be immediately taken in anticipation of these extraordinarily tough times.
Of course it’s not clear what measures make the most sense. The Daily Reckoning certainly doesn’t want to see the government parading into even more interventionist and protectionist policies, but we also can’t turn a blind eye to the disintegration of America’s economic strength. We simply need to see more real goods being made in the US, rather than intellectualizing about how to keep the nation’s flagging service sector – including banking – afloat.
Newsmax has more details on the pain of US jobs continuing to go abroad.