More than anything else, the crisis was an election year gimmick ginned up by the Democrats to scare voters. Andrew Cassell, writing in the Inky, explains:
Democrats went ballistic - it was an election year, after all.
Most famously, then-candidate John Kerry issued a statement denouncing what he called "Benedict Arnold CEOs" who shipped U.S. jobs overseas. The airwaves and cables fairly hummed with angry talk about offshoring.
And what happened next? Nothing.
Nothing, that is, like the massive outflow of jobs that many feared. Employment growth, which had been notably slow after the 2001 recession, picked up in the United States. (We've gained more than five million jobs since early 2004.) Recruiters who specialize in information-technology workers say they have more openings than they can fill.
And as a hot-button headline issue, offshoring appears to have gone the way of Y2K and the Red Menace. File it under N, for Not as Big a Deal as We Thought.
[M]ost economists who've looked at the issue rate the long-run economic impact of offshoring as either (1) minimal, or (2) positive. Using overseas workers to save money or boost productivity generally results in better or cheaper services, which in turn leads to more competition, more innovation, and growth.
Read it here:I wonder what the Dems have in mind for the next election cycle? Oh yeah! Global warming.