Posted on 10/16/2004 2:47:59 PM PDT by Willie Green
For education and discussion only. Not for commercial use.
Washington, October 16 -- The United States will lose more than 400,000 jobs this year to India, Mexico, China, and other Asian nations as multinational corporations restructure operations and shift production overseas, according to a study.
The number of jobs lost will be around double those three years ago, according to the study by Cornell University and the University of Massachusetts for the US-China Economic and Security Review Commission.
The study came amid heated debate ahead of the November 2 presidential elections on outsourcing of jobs to India, China and other developing economies and its adverse impacts on employment at home.
White House aspirant Senator John Kerry has vowed to plug tax loopholes to discourage companies from moving their operations abroad to check unemployment, if he unseats George Bush.
The study released on Friday, projected that nearly 100,000 jobs would move to China in 2004 based on extrapolating data collected between January and March 2004.
"These data suggest that in 2004 as many as 406,000 jobs will be shifted from the US to other countries compared to 204,000 jobs in 2001," of which nearly a quarter will go to China, it said.
Production shifts with consequent employment loss had spread across the US economy and now affect sophisticated manufacturing industries, services, and information technology.
ping
It's not easy being Green.
Will Kerry keep jobs here that involve industry that emits CO2? Or will he send those to China, since Kyoto doesn't include them?
Create 6 million jobs instantly - expell the illegals - they have to be working somewhere!
I guess this means that the "Hindustan Times" is a Kerry foe? Not that many foreign papers don't prefer Kerry, you know.
NO bull, no bias, no pressure.
Maybe this might be one of the reasons why U.S. is losing jobs. Caught sight of this article the other day.
http://smh.com.au/articles/2004/10/14/1097607335293.html
Google founders on hiring trip to India
October 14, 2004 - 10:04AM
"Google Inc founders Larry Page and Sergey Brin have said that some new features on the world's top search engine and other services will come from its research centre in the southern Indian city of Bangalore, where they are on a hiring spree." (More)
The question is... how can this trend realistically be limited or reversed without cutting off trade with 3rd world countries(which would send prices skyrocketing)
You're still living back in the '90s.
No such "correction" is necessary in today's economy.
Since Bush took office, Direct Foreign Investment in the United States has plummetted more than 80%.
Bush's policies have only made the United States a more hostile market for business investment.
Link doesn't work. Is the story legit?
I'm inclined to agree with you... but the virtual end of US manufacturing will inevitably lead to a job crisis in my estimation. An economy can not last long that depends exclusively on services, and it will not create enough jobs to keep up with population.
The question is... how can we reverse the decline of Industry in the US without sending prices skyrocketing and cutting off sales to other markets.
*
U.S. subsidiaries of foreign companies employ 5.4 million Americans.
* U.S. subsidiaries support an annual payroll of $307 billion and pay, on average, 19.1% more than all U.S. companies.
*
U.S. subsidiaries heavily invest in the American manufacturing sector. 34% of the jobs at U.S. subsidiaries are in manufacturing -- more than double the proportion of manufacturing at all U.S. companies.
*
U.S. subsidiaries manufacture in America to export goods around the world -- accounting for over 20% of all U.S. exports.
* New foreign direct investment (FDI) in the U.S. totaled $82 billion in 2003, over twice the amount from the previous year.
* In 2003, U.S. subsidiaries reinvested $38.6 billion in their U.S. operations.
* U.S. Subsidiaries have spent $27.5 billion on U.S. research and development activities.
* For a list of recent expansions and investments in the United States by U.S. subsidiaries, click here.
We have the fastest growing economy in the world. Our growth this year's fiscal cycle is almost 5% while European Union growth was at 1%. Paul Harvey says the Bush economy FY2004 has unemployment rate at 5.4 % a few points lower than Clinton's figures in 1996. And Clinton wonks did not deal with 9-11; rather, Clinton and Co. set up 9-11 tragedy, Enron Adelphia SEC scandals, and the .Com bust. And who could forget George Soros destroying the Pacific Rim economies for his own enrichment.
Bush is the reason we're NOT IN A DEPRESSION. Only DNC operatives think we're in worst economy. Try trolling at the DU.
Pssst! Insourcing doesn't count under the protectionist paradigm. Let's keep it between you and me. You know they will never admit that insourcing must also be bad if they were to be intellctually consistent.
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