In The Udder World....Most American Jobs Will Be Oursourced Overseas
Synovus is closing about 40 bank branches....in the Udder World, the need for brick and morter branches will be relatively tiny due to digital online banking....much of the back office work can be done in India at a fraction of the costs that it can be done here.
General Mills accounts payables are being conducted from India.
My buddy key responsibility for a while was to assist outsourcing thousands of jobs from Dell overseas.
My wife's nephew, an managerial engineer at a major well known public medical device company currently is working on outsouring many of his group's higher level engineering fuctions to India and China....unfortunately for the many that work underneath him, he just hasn't informed his employees yet.
This is going on all over the nation. We Americans just get paid too much relative to Global standards. And the funny part, is my wife's nephew's company is borrowing lots of money in the form of corporate bonds likely from funds in pension and 401K plans.
The irony: Our retirement system is funding the outsourcing of our jobs leaving millions without much hope of retirement.
California state employees are likely going to learn today that their wages are going to be cut 10%. Not a good thing if you are only saving 9% of your income.....and it will also have a material impact on income and social security tax revenues next year.
In the end......it is not the end of the world, simply the end of the world as we knew it and the biginning of the Digital Age in the UdderWorld.com.
As incomes collapse, fewer will be able to meet their monthly obligations and tax receipts will continue to evaporate forcing even more adjustments. Until we restructure ALL counterparty obligations, expect many convulsions in the weeks and months ahead.