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What would happen to economy if 5-10 mill jobs in US were to be outsouced to other countries? |
What would happen to economy if 5-10 mill jobs in US were to be outsouced to other countries? Lots of socio-economics involved but it could be a way to stop illegal immigrants. If they have jobs and better conditions in their country the need to look for a better life elsewhere disappears. That would also give America more "control" over certain countries. Could write a thesis on the subject but I am sure there is a web page somewhere that treats this particular idea/strategy. The answer is, "it depends". If the economy is at near full employment, and inflationary pressures are driving prices up...and the outsourced jobs are relatively low-skill type jobs...then we're generally better off. Aggregate supply would expand due to the increase in available labor, driving production up and prices back down. There would still be people in need of retraining, but they would, in an expanding economy, be able to find jobs relatively quickly. (And the rest of the economy would be able to pay them unemployment benefits without too much trouble.) On the other hand, if the economy is depressed, with high unemployment, the outsourcing would probably cause significant harm to those who lost their jobs. The transfer of wages from the US to other countries would cause GDP to fall. Of course, in this situation, the impetus to send jobs offshore would be lesser than in the prior scenario, as there would be less economic pressure to send jobs offshore. well you are experiences it now, we are going down down down, this country has consistanlty done this on their own without any help. 5 to 10 million consumers will be lost. Unless they take 5 - 10 million jobs from some one else, there will either be a huge loss of business, or alot of tax dollars expended to unemployment. That's alot of consumers toeither lose or pay for. We might as well upgrade our adopt a highway signs to some adopt a small nation signs. All the money spent and earned will either dissappear or come out of our pockets. If you need a more physical picture of this, subtract whatever percentage of the GDP that the hypothetically unemployed people where contributing, and better yet, keep the population the same (assuming they stay in the US), and whatch the GNP per Capita fall. If that doesn't happen, then next time you wonder why you're hypothetical unemployment and income taxes are raised, take a look at the new 5 - 10 million espenses added on to the welfare budget. |
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