What Unemployment - Not at IBM, GM & U.S Multinationals

The Great Recession has a face - the U.S. worker. The coming Depression has a name - Outsourcing. Just look at the trend of employment at IBM over the last 4 years. Employment has increased internationally and decreased in the U.S. GM is the largest private employer in Mexico. China? Let's not even go there but the outsource list gets much longer.

Look at counties demographically with the highest unemployment and 2 trend stand out: high immigration and high levels of outsourcing of manufacturing. The correlation is striking. If we added the housing crisis to the mix, there is an equally strong correlation between housing crisis and outsourcing and unemployment levels. The intuitive that populists understand about outsourcing is now empirical.

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