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With outsourcing of manufacturing jobs, what do you think the future holds for the US economy? |
How will the typical American be affected? Will our standard of living suffer? You know, services are already being outsourced by developed countries due to the obvious cost advantages. Next in line are manufacturing jobs. In short, any country which outsources intelligently has a very bright future. As economists say, resources are limited, so smart countries should invest their resources in sectors of the future such as IT, space, biotechnology, etc. where the main input is human intelligence, where there is maximum value addition and maximum profits (and minimum pollution). Manufacturing on the other hand is not as profitable as it once was compared to the "knowledge" sectors. More and more Americans will migrate into service jobs of all types and levels. Moving out of the factory and into the office (and typically higher-paid jobs) in my opinion will have a positive effect on the standard of living in America. I think the biggest economic problem that the US is going to face in the next 10-20 years is not the fact that we outsourced most of our tech and manufacturing jobs, it is the retirement of the baby boomers which will have a huge impact on deficit. because they will live on average of 80+ years which means 15 years of non-productive life. at the same time the workforce will be much less than what we have now, forcing the government to raise taxes to help pay for all the baby boomers expenses. that will cause a huge decline in the dollar value. |
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