The Stimlus Sieve - more funds & jobs offshore

A while ago we wrote about stimulus funds being offshore outsourced and 84% of green job stimulus funds are going offshore and some 22,000 green jobs created offshore.

It seems the MSM is finally catching on and reporting that Stimulus is actually stimulating other countries economies, including China. ABC News is reporting $2.1 billion of renewable energy stimulus funds have gone offshore.

84% of Green Job Stimulus Money is Going Offshore

Wondering why $787 Billion in Stimulus funds isn't translating into jobs for Americans? This might be part of the reason.

As we warned here and here, a new study confirms that yes indeed, Stimulus funds are being given to foreign companies, offshore, with no restrictions.

Of the $1.05 billion in clean-energy grants handed out by the government since Sept. 1, 84 percent – a total of $849 million – has gone to foreign wind companies. Spanish utility company, Iberdrola S.A., alone has collected $545 million through its American subsidiary.

Is Obama the Offshore Outsourcing President?

Yesterday Obama nominated the most notorious offshore outsourcing Senate advocate, Judd Gregg, for Commerce Secretary.

Today global labor arbitrage and offshore outsourcing expert, expert, Dr. Ron Hira, spells out the hidden multinational corporate offshore outsourcing agenda in an op-ed, The Obama administration promotes outsourcing:

We know from a recent EE Times survey that offshoring is the No. 1 career concern for EEs. The Obama Administration has been in office just a few weeks now, but we already know how it will address the offshoring of engineering jobs.

It will promote it.

AP Investigation: Bail Out Banks sought foreign workers instead of U.S. workers!

This is a bombshell. Banks, while receiving billions in TARP bail out money and firing U.S. workers right and left sought foreign workers. The associated press did an investigation on where your taxpayer money is going and this is what they found!

SANTA CLARA, Calif. – Major U.S. banks sought government permission to bring thousands of foreign workers into the country for high-paying jobs even as the system was melting down last year and Americans were getting laid off, according to an Associated Press review of visa applications.

TARP Bank Recipients Have Offshore Tax Havens

The GAO released a new report, International Taxation: Large U.S. Corporations and Federal Contractors with Subsidiaries in Jurisdictions Listed as Tax Havens or Financial Privacy Jurisdictions recently (see bottom right hand corner).

International Taxation: Large U.S. Corporations and Federal Contractors with Subsidiaries in Jurisdictions Listed as Tax Havens or Financial Privacy Jurisdictions, December 18, 2008

The Washington Post went further to see which of the TARP recipients also have offshore tax havens:

American International Group, Bank of America, Citigroup and Morgan Stanley are among the companies that are getting bailed out by U.S. taxpayers while having subsidiaries in locations where they can avoid paying U.S. taxes

Death of Indian Outsourcing

Forbes is predicting the death of India's offshore outsourcing business due to increasing wages.

Gotta love 7% of a nation's GDP devoted to undercutting US wages.

The cost advantage for offshoring to India used to be at least 1:6. Today, it is at best 1:3
Yet, India, for all its glory, is still the world’s back office. India's tech industry is a "services" industry. The Indians don’t do the thinking. The customers do. India executes.
As a result, India has not learned to invent technology products of its own. Barring a few exceptions, the huge amount of venture capital chasing India finds it difficult to be deployed. There is way too much money, way too few deals. Instead, tech-sector VCs are now diverting capital to retail, real estate, hotels and other non-tech sectors.