Moreover, because of the higher and increasing productivity of American workers, the jobs that move here pay more than the ones that leave. Insourced jobs pay roughly 16.5 percent more than the average domestic job, and one-third of them are in the manufacturing sector, says Bartlett. Americans who lose their jobs due to outsourcing might have to make painful adjustments. But should we listen to political proposals to ease their pain by erecting trade barriers that will make the nation as a whole worse off?
Speaking of jobs, let's look at the numbers. Our unemployment rate, which the U.S. Bureau of Labor Statistics put at 5.4 percent in September, is one of the lowest in the world and in our history. France's unemployment rate is 9.4 percent, Germany's 9.9 percent and Italy's 8.6 percent. Our Canadian neighbor's is 6.6 percent. The only reason for today's hysteria over jobs is because it is an election year, and one of the ways politicians gain power is to create fear among the electorate. The next time you hear a politician whining about our "awful" job climate, ask him which European country we should look to for guidance in job creation. The fact of business is that our country is the world's leader not only in job creation but in terms of where the world wants to invest its money.