Two weeks ago, IBM announced that it plans to shift all operations to India and offered US workers the chance to move to India if they would adapt to Indian wages.Cisco,another heavy hitter in the networking sphere,after announcing that it is planning major cutbacks,also announced moves to India and China.The pharmaceutical have already climbed aboard this train,moving research work in drugs to India to contain their spiraling costs.
Technology Review,MIT’s prestigious journal predicts that in the next ten years 36 million jobs in technology related fields will move to India,decimating an already reeling middle class.This is the kind of calamity that Paul Craig Roberts has been predicting for quite sometime now.As manufacturing moved to China,economists crowed that this need not worry us because we are the leaders in high technology and the best jobs will stay in US.That now sounds like a mirage.
A long age of suffering is upon us because there are now many more competitors who are gaining strength through their educational systems.They have also learned the American trick of empowering the people with capital and encouraging their enterprise.And they can do all this at fraction of our costs.All this bodes ill for our own economy.
