Hey! Who outsourced my first-world nation?

Outsourcing after-effects
Paul Craig Roberts, Washington Times Insider

"Corporate America's short-term mentality, stemming from bonuses tied to quarterly results, causes U.S. companies to lose not only their best employees -- their human capital -- but also the consumers who buy their products. Employees displaced by foreigners and left unemployed or in lower-paid work have reduced power in the consumer market. They provide fewer retirement savings for new investment.

No-think economists assume new, better jobs are on the way for displaced Americans, but no economists can identify these jobs. The authors note 'the track record for the re-employment of displaced U.S. workers is abysmal: 'The Department of Labor reports that more than 1 in 3 workers who are displaced remains unemployed, and many of those who are lucky enough to find jobs take major pay cuts. Many former manufacturing workers who were displaced a decade ago because of manufacturing that went offshore took training courses and found jobs in the information technology sector. They are now facing the unenviable situation of having their second career disappear overseas.'

American economists are so inattentive to outsourcing's perils they fail to realize the incentive that leads to outsourcing one tradable good or service does the same for all tradable goods and services. In the 21st century the U.S. economy has only been able to create jobs in nontradable domestic services -- the hallmark of a Third World labor force."

I try not to comment on book reviews, but Roberts' points are so important I could not leave this unposted.