Research shows that America’s largest corporations: Wal Mart, Caterpillar, GE, Merck, United Technologies, Caterpillar, Cisco, Chevron, Intel, Oracle, etc., over the last decade shed over 2.9 million workers, while hiring 2.4 million workers overseas. This is in stark contrast to the late 1990s where these same companies created more jobs in the U.S. than overseas. Ironically, the recession that began in 2008 exacerbated the outsourcing abroad. In a 2009 Outsourcing Conference attended by representatives of many of the nation’s most powerful companies, 57% of the companies interviewed indicated they increased their outsourcing in response to the economic downturn. 46% of the respondents, when asked why they outsourced, indicated it was to save operating costs. These same companies want to bring their overseas profits back with tax breaks. What a slap in the face America !
In 2010 the U.S. Trade deficit with China (the amount of goods and services that we import from China versus export to them; a trade deficit means we import more than we export) was 27 times as large as it was back in 1990. For every $1 China spends on our goods, we spend more than $4 on theirs. Now there’s a losing proposition if I ever saw one ! If we stay on this path folks, we are inevitably doomed to a lower standard of living – guaranteed.
What can we do you might ask? We can turn our noses to products made elsewhere, and let representatives of companies know you want to buy American. If enough people start doing this, Corporate America will have to listen. Remember, they march to the beat of the profit drum. If Americans stop buying their products, where are they going to sell them, China ? Ha !
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