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For The Love Of Money Essay

2322 words - 10 pages

When someone graduates from college, there is much flourish and celebration, as there should be. A life of brilliance has begun. Or rather, should have begun. Can it even be possible that a few years later, the same person could still be searching for a decent job in the field of his or her choice? Yes, in fact, about 36.7% of recent college graduates are mal-employed, working in positions that do not require a degree (Luhby) and, on a broader scale, 58.6% of U.S. citizens sixteen years of age and older face unemployment (United States. Bureau of Labor Statistics). This is equivalent to about 185 million people without jobs (United States. Census Bureau). Because of this, there is much speculation and anxiety about the condition of the United States economy in regards to job availability and the effect outsourcing has on employment. Outsourcing is the business practice of sending work to other companies or countries. While outsourcing can contribute to a stronger international economy, it will continue to devastate domestic employees if their companies decide to uproot and move production overseas.
Those who are proponents of outsourcing argue that wages are lower in other countries so profit margins for companies are increased and international commerce is strengthened because of jobs being offered elsewhere. In fact, in comparison to their U.S. counterparts, factory workers in China are paid substantially less. The average hourly rate for a factory worker in China is about $1.36 (Kavoussi) or 8.23 Chinese Yuan. On the other hand, average hourly rate for an American factory worker is $24.64 (Table B-3). Due to this notable difference, a company’s profits increase significantly with the use of outsourcing, which contributes to a greater amount of money invested in foreign countries. For example, in 2013 the US invested a total of about $350-$400 billion in other countries (Jackson). Yet, this might change in the near future due to potential letdowns in the practice of outsourcing.
As wages in foreign countries continue to increase, the benefits of outsourcing are overshadowed by superior productivity achieved by U.S. workers. For instance, in 2000, a company using outsourcing could save 65% in total labor costs and 16% in total cost savings prior to transportation and other costs. Yet, the estimate for 2015 predicts that a company would be able to save only 39% in total labor costs and 10% in total cost savings (Sirkin). The disparity in savings of cost of labor suggests that as foreign countries continue to develop, workers will continue to demand higher wages, and profits will decrease in relation to the increase in pay. As the cost of resources needed to make a product increases, while the amount of product made in a period of time remains relatively the same, the net gain will have decreased and the company will save less, percentage wise, when compared to savings in the past. And once U.S. laborer productivity is compared to Chinese...

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