Posts Tagged ‘outsourcing’
Wall Street Senator Orrin Hatch’s War Against America’s Middle Class High Tech Workers: The Weapon of Choice?
Posted in corruption, Economics, Economics, recession, free trade, immigration, income redistribution, Uncategorized, tagged H1B, income redistribution, offshoring, Orrin Hatch, outsourcing, visa on Jam2000000amThu, 28 Feb 2013 09:15:11 +000013 10, 2010 | Leave a Comment »
Wall Street Senator Orrin Hatch and three other senatorial conspirators are launching another military style campaign to redistribute income from the 99 to the 1 percent. These leisure class warrior have proposed letting more and more high tech workers into the USA via the H1B visa. Their reasoning, regardless of the lies they tell us, is simple. Flood the market with workers, the supply of workers will exceed the demand, wages and salaries of those workers will drop, and the difference between the old wages and the new goes into the pockets of the 1 percent via higher dividends, share prices and soaring earnings.
These senators tell us there is a shortage of high tech workers in the USA and that we’ll be able to attract the best and the brightest in the world. These are lies. First of all, don’t assume that your well-being is dependent on US corporations getting these workers. There’s no connection, no livability symbiosis, between the health of publicly traded corporations and members of the 99 percent. Just look at the second great lie of these senators; There is no shortage of high tech workers in the US, but there is high unemployment among them, partially due to the H1B visa. The reality is that the biggest users of H1B visas are “all in the business of outsourcing and offshoring high-tech American jobs. Many of the jobs that went to H-1B workers should have instead gone to U.S. workers, but employers are not required to recruit them before applying for an H-1B, and can even replace their U.S. workers with H-1Bs. The top 10 H-1B employers were granted an astonishing 40,170 visas; nearly half the total annual quota. The table also shows each firm’s immigration yield: the ratio of permanent residence applications to new H-1B petitions for these companies. It is evidence of the companies’ intention to hire and keep their H-1B workers in the country permanently.
There are two reasons these firms hire H-1Bs instead of Americans: 1) an H-1B worker can legally be paid less than a U.S. worker in the same occupation and locality; and 2) the H-1B worker learns the job and then rotates back to the home country and takes the work with him. That’s why the H-1B was dubbed the “Outsourcing Visa” by the former Commerce Minister of India, Kamal Nath.
Rather than keeping jobs from leaving our shores, the H-1B does the opposite, by facilitating offshoring and providing employers with cheap, temporary labor – while reducing job opportunities for American high-tech workers in the process. The I-Squared Act does nothing to protect against this, while vastly expanding the size of a deeply flawed program that accelerates the offshoring of American high-tech jobs and reduces America’s future capacity to innovate.”
That’s precisely what Senator Hatch, the least patriotic of Americans, wants and he knows it. He want’s to lower the wages and salaries of most American citizens. On behalf of his Wall Street masters, like a well trained attack dog ordered to take a bite out of middle America, Hatch is proposing offshoring and outsourcing US jobs on behalf of the 1 percent. This is another one of his many income redistribution plans that redistributes income from the 99 to the 1 percent.
See What Free Income Redistribution Trade Treaties Get You; ‘I’m sick to my stomach’: anger grows in Illinois at Bain’s latest outsourcing plan
Posted in corruption, Economics, Economics, recession, income redistribution, Politics, the Rigged Game, tagged China, income redistribution, mitt romney, outsourcing, Sensata Plant on Jpm8000000pmFri, 10 Aug 2012 12:50:39 +000012 10, 2010 | 1 Comment »
“The Sensata plant in Freeport is profitable and competitive, but its majority owner, Bain Capital, has decided to ship jobs to China – and forced workers to train their overseas replacements.” The pressure comes from Wall Street. That pressure forces businesses to outsource jobs to redistribute income from the 99 to the 1 percent in order to keep share prices rising. Otherwise, Wall Street would be out of business if most share prices dropped to zero.
Click the link below for the complete story.
Posted in corruption, Economics, income redistribution, the Rigged Game, tagged Bain Capital, Illinois, mitt romney, outsource, outsourcing, Sensata Plant on Jpm8000000pmFri, 10 Aug 2012 12:31:11 +000012 10, 2010 | Leave a Comment »
“The shock of losing a precious job in a town afflicted by high unemployment is always hard. A foundation for a stable family life and secure home instantly disappears, replaced with a future filled with fears over health insurance, missed mortgage payments and the potential for a slip below the breadline.
But for Bonnie Borman – and 170 other men and women in Freeport,Illinois – there is a brutal twist to the torture. Borman, 52, and the other workers of a soon-to-be-shuttered car parts plant are personally training the Chinese workers who will replace them.”
The difference between the compensation Borman receives from working in the Sensata Plant and the lower compensation her Chinese trainee garners will go into the pockets of the 1 percent via higher corporate profits, rising dividends and advancing share prices. Say Borman earns $50,000 a year and her Chinese replacement gets $5,000. The difference is $45,000. That money is redistributed from Borman to the 1 percent. That’s a nice scam.
Click the link below for the complete story.
“Congress was up in arms Thursday over the discovery that the U.S. team’s uniforms for the opening ceremony of this year’s Olympic games were manufactured in China — snubbing the nation’s textile industry at a time when it has yet to recover from the economic downturn.
For the presumptive Republican presidential nominee, who has repeatedly promised on the trail to “get tough” on China, opposing the manufacturing seemed a likely stance, except that while at the helm of the 2002 Winter Olympics in Salt Lake City, Romney outsourced the production of torchbearer uniforms to Burma.”
Posted in Economics, income redistribution, Politics, the Rigged Game, Uncategorized, tagged 1 percent, 99 percent, Bain Capital, Free trade, liar, mitt romney, outsourcing, parasite on Jam7000000amThu, 12 Jul 2012 08:45:15 +000012 10, 2010 | Leave a Comment »
The Boston Globe reports this morning that Mitt Romney stayed on as CEO of Bain Capital three years longer than he claims. That means he shipped three years worth of jobs, tens of thousands of jobs, overseas more than he previously had claimed. Romney says he left Bain Capital in 1999. Records list him as Bain’s CEO in 2002. What a lying son-of-a-bitch.
No wonder Wall Street Mitt Romney supports free trade treaties. They allowed him to ship jobs 0f the 99 percent overseas, then stuff the difference between the old higher wages here and the new lower wages there into his fat wallet. The Globe also reports that Romney was the sole shareholder in Bain. Destroying jobs, redistributing the income of the 99 percent to his fat wallet, that’s how he made his millions. That makes Romney the ultimate parasite. It also makes him the ultimate liar.
Click on the links below to see the complete story.
Wall Street Mitt Romney walked on dangerous ground today when he called President Barack Obama the “Outsourcer-in-Chief for supporting free trade agreements that have shipped jobs overseas and redistributed the difference between the old US wages and the new third world wages to the 1 percent. Obama likes pleasing his Wall Street master’s with these treaties, but it’s a dangerous place for Romney to tread because he supports these agreements and he got rich from redistributing income from working Americans to the 1 percent (including himself) by exporting jobs due to free trade agreements. Hence, there’s a massive amount of hypocrisy from Romney. It may be a sign that he’s getting desperate. The truth is, Romney wants Obama’s job. That means Romney wants to be the “Outsourcer-in-Chief.”
Check out the link below for the full story of Wall Street Mitt’s hypocrisy.
Why did Wall Street Mitt ship tens of thousands of jobs overseas? Easy answer. So that he could redistribute the income of tens of thousands of working Americans to himself and become a multimillionaire. The difference between the old, higher, wages here and the new, lower, wages there went directly into his pockets, as well as the pockets of his rich investors. For each job shipped overseas, that income scheme continues year after year after year. That’s precisely how Wall Street works and gets rich. It’s a complete income redistribution scam. Our economy is a rigged game. So is our government. Our government has been completely corrupted by Big Money, which has become big with income redistributed from the pockets of the 99 to the 1 percent. Now our corrupted government is aiding and abetting this scam.
Check out the story below from the Washington Post. It’s about Wall Street Mitt, our wannabe Job-Exporter-In-Chief.
Romney dosen’t refute that He Shipped Jobs Overseas, Tells Press To Call It ‘Offshoring’ Not ‘Outsourcing’
Posted in corruption, Economics, Economics, recession, free trade, income redistribution, labor unions, Mitt Romney, Politics, the Rigged Game, Uncategorized, tagged income redistribution, mitt romney, offshoring, outsourcing on Jam6000000amFri, 22 Jun 2012 08:52:46 +000012 10, 2010 | Leave a Comment »
Today, the Washington Post reported that Bain Capital, the private equity firm Mitt Romney headed for fifteen years, invested extensively in corporations that shipped jobs overseas to low-wage countries like China. The practice contradicts the rhetoric of candidate Romney, who since announcing his presidential ambitions, has criticized government policies that have led to jobs, particularly those in manufacturing, moving offshore.
The difference between the old higher wages here and the newer lower wages over there filled the pockets of Bain’s rich investors, as well as Romney’s wallet. In other words, Wall Street Mitt made his money redistributing income from working Americans to the idle rich. That’s what so-called free trade is all about. Romney knows this. So does the Washington Post, but the corporate media giant isn’t going to tell you that.
You know all those big fat houses Romney owns? He got them by shipping the jobs of workers overseas and pocketing the difference between the old wages and the new.
Rather than dispute the substance of the article, the Romney campaign has responded to the Post piece by parsing words, claiming that the story is “fundamentally flawed” for not differentiating between the technical definitions of “outsourcing” and “offshoring”:
“This is a fundamentally flawed story that does not differentiate between domestic outsourcing versus offshoring nor versus work done overseas to support U.S. exports. Mitt Romney spent 25 years in the real world economy so he understands why jobs come and they go,” Romney spokeswoman Andrea Saul said. What Saul didn’t say in interesting; jobs went away so that the wages of working people could be redistributed to the 1 percent. Saul continued, “As president, he will implement policies that make it easier and more attractive for companies to create jobs here at home. President Obama’s attacks on profit and job creators make it less attractive to create jobs in the U.S.”
Technically, the campaign is correct. The official definition of outsourcing is pushing activities outside of the company that could have been performed in-house. A company can outsource, while keeping the activity domestic. Offshoring is the practice of sending jobs overseas.
However, outsourcing is commonly used to describe the practice of moving jobs to foreign countries. But just to be clear, ThinkProgress has changed the text of the Post article so that the proper technical terms are used:
Posted in corruption, Economics, income redistribution, Occupy, Politics, taxes, the Rigged Game, Uncategorized, tagged destroyers, Job, outsourcing, Tax cuts, The Great Depression, The Rich on Jam5000000amWed, 09 May 2012 09:32:59 +000012 10, 2010 | Leave a Comment »
The one percent richest Americans are drowning in money. Corporate earnings are at a fifty year high. The fortune 500 saw an increase in their 2011 profits 16 percent higher than in 2010. The top one percent took 93 percent of all US income growth for the last two years, leaving the 99 percent with 7 percent of that growth. So why aren’t the rest of us drowning in jobs if giving more money to the rich creates jobs?
The answer, of course, is that tax cuts for the rich destroy jobs; they do not create them. Look at the world around you.
Unemployment hovers at a seventy year high of around 15 percent if you used the same methodology as was used during the Great Depression. People are simply giving up looking for work. Job growth is the weakest in history despite record government deficits. If fact, job growth for the last twelve years are the weakest on record.
Here is how tax cuts for the rich destroy jobs. When a tax cut is given, CEO’s bid against other CEO’s to get the rich to invest their newly available extra cash in their stocks and bonds. The best way to do that is to raise profits, but in any economy, especially a stagnant one like today’s, that’s difficult to do unless one engages in shipping and creating jobs overseas. Then the difference between the old wages and the new, between the wages here and over there, become profits and enhanced dividends, and this fuels a rise in share prices. All of which makes any company doing this a nice investment opportunity for the one percent. That’s one of the reasons why the Fortune 500 experienced an average 16 percent increase in profits from 2010 to 2011.
There are other ways CEO’s managed to do this, like conspiring to raise prices that the 99 percent paid. First they needed to buy off the government. This way the government looks the other way rather than enforces any laws in “restraint of trade.” But by and large, the free trade treaties are the biggest redistribution tool the rich have to siphon off more income from the 99 percent and stick it in their already fat wallets.
Tax cuts for the rich are destroying the economy, wiping out the middle class, providing incentives for corporations to ship our jobs, tax bases and school funding overseas to be redistributed to the one percent. That’s why the economy is so stagnant despite record federal deficit spending intended to spur job growth. The deficit is creating jobs at only a slightly faster rate than thirty years of tax cuts for the rich are destroying jobs.
The best way to stop the madness is to enact a high tax on the biggest incomes, a progressive tax. This is what the best and the brightest government officials knew all throughout the Great Depression, and they acted on this knowledge for the greater good.