A Missing Statistic: U.S. Jobs That Went Overseas

As US politicians blame each other for the country's high unemployment rate, a key question remains unanswered: how much of the recent job loss can be blamed on cheap overseas labor? Although estimates vary, most economists agree that of the 2.81 million jobs lost since the US economic slump began, at least fifteen percent have gone overseas. American companies can save as much as fifty percent for each job they move to developing countries, where wages are low. For that reason, it is not only manufacturing work that is being shifted overseas - American companies are also finding high-skilled foreign workers to handle stock analysis and software design. - YaleGlobal