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Economic Review

03/09/09

Have TV financial market commentators completely lost their grip on reality?

As the demise of the US economy continues to grow in intensity as was illustrated by the latest unemployment report, one natural phenomena that is transpiring is a break down in the once unstoppable pace of globalization where the outsourcing of jobs and hiring of H1-B visas was in high gear.  But as demand for US company’s goods and services decreases and job cuts are on the rise, many are adhering to the normal policy of preserving employment opportunities for US workers first.  In fact, this is part of the Obama bailout and rightly so.

Some TV market commentators have responded to this ideal with marked criticism having made assertions that preserving US jobs or hiring US workers first in our dire economic times is wrong.  Some have asserted that US companies have to uphold their pace in hiring H1-B visas over US workers because workers from India are four times as productive as US workers.  This assertion is simply warped and an outrage.  To classify workers from abroad as inherently more productive than US workers is biased and ignorant.

A nice response to this would be to replace these small minded media mouth pieces with workers from abroad, since they are simply more productive.  As the Doc has mentioned for months now…a natural repercussion from the economic fallout in the US economy with be a noteworthy retraction in the pace of globalization. This would simply be a net positive for US labor and for establishing long term economic stability.   Globalization? it’s a great thing for CEOs since they cash in big time on corporate profits, but it’s a force that weakens the plight of average US workers.

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