U.S. job exodus to overseas markets fuels economic inequality and wage pressure |
Over the past two decades, millions of American jobs have shifted overseas, with a significant impact on the U.S. economy. Since 2001, the U.S. trade deficit with China alone has led to the loss of 3.82m jobs, with manufacturing sectors hardest hit. Meanwhile, India has absorbed numerous white-collar positions in software and services, and Mexico has become a prime destination for American expatriates. Approximately 300,000 American jobs are offshored each year, contributing to economic uncertainty, wage stagnation, and diminished social mobility. The effects are uneven, with Black and Hispanic workers disproportionately affected by job losses in manufacturing. As industries pivot to outsourcing in sectors like IT and business processes, the global outsourcing market is expected to grow significantly, reaching $812.7bn by 2029. This shift has led to lower-wage service jobs replacing well-paid manufacturing roles, reshaping the American labor market and amplifying income inequality. |
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