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BUSINESS: Greenspan warns against U.S. job protectionism

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posted on Feb, 22 2004 @ 11:14 AM
Federal Reserve Chariman Alan Greenspan warned that "lack of adequate educational training rather than "outsourcing" posed the greatest threat to future American prosperity."

The Fed chief's comments came as the U.S. Securities and Exchange Commission ruled that General Electric Co. must allow a shareholder vote on a proposal to study the risk of damage to the company's brand name by moving some jobs and work outside the United States.

The non-binding proposal, submitted by the International Union of Electrical-Communications Workers of America's pension fund, will be voted on April 28 at General Electric's annual meeting. A similar proposal by the New York City Employees Retirement System won just 5 per cent of the vote in 2000.

posted on Feb, 22 2004 @ 11:54 AM
What the hell is he talking about?

So let's see they are outsourcing accounting, medical billing, medical research, computer support, computer programming, computer database management, and pretty much any form of prodcution line assembly.

What am I going to learn that is not able to be learned by another guy in another country who will work for half the price? In a global economy I can't compete with people in India or China ever!

I see a few limited choices for a US job: work for the government or work in retail. Retail is the gawd awful most dehumanizing soul-draining job I've ever done, and how am I going to work for the government if they don't have a middle class to produce tax revenue? I could be a teacher, but what am I going to teach that helps that kid, since another kid in another country is going to get his/her job.

The only other sure job anymore is going to have to be "on the spot" jobs, where someone physically has to be there to get something done. Doctors, dentists, electricians, construction, repairmen, and the entertainment field are all types of jobs that should stay, but I can't think of a whole lot more. I assume that any job where you sit at a desk and process work (nearly every professional job) has the potential to be shipped to India, where the data is squeezed out (profits) and then sent back to it's US manager or owner.

What Greenspan said was "learn to flip burgers" when he spoke about "lack of adequate education training".

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