Monday, September 06, 2004

Outsourcing Countered by Foreign Firms In US

SeattlePi.com reports foreign companies have created millions of jobs in the United States, far outpacing the amount of work that American businesses have sent abroad, Labor Secretary Elaine Chao said last week.

"In the past year, employers have eliminated about 300,000 jobs in the United States in favor of cheaper labor elsewhere, Chao said. Yet about 9 million Americans currently work for U.S. subsidiaries of foreign-owned companies, she said."

"'We understand the concern and the anxiety on this issue,' Chao said. 'My point also is we live and work in a worldwide economy. ... If we isolate ourselves from this worldwide economy, we will put in jeopardy the 9 million jobs that Americans currently hold' in foreign-owned companies.

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