As noted in Thomas Friedman’s “The World is Flat” white collar jobs are very easy to transfer to other countries. The US is projected to lose $136 billion in wages by 2015. This is from Forrester Research who states that the jobs will go to low cost countries such as Russia and India.
The US has already lost jobs from Thomson Rueter’s, Nortel and Boeing to India. More will follow. It looks like our children will be competing with the world for an ever shrinking job market and possibly looking to be nothing more than the lowest cost producer.