Discussion in 'Economics' started by wcanyon, Mar 14, 2010.
This is a scary thread :eek:
Salaries have topped not because of off-shoring, per se, but because software programming has become a commodity skill.
Trading, commercial banking and investment banking is also a 'commodity skill'. But we don't see rampant outsourcing there, for instance. The Goldman Sachs' of the world aren't racing to replace their NYC trading desks with Indians, to save money on pay and bonuses.
So no, that wouldn't explain things.
I work for a tech company
we just laid off 100 guys in the US earning >$125K and replaced them with 75 guys in India at 25K a pop
10 years from now - if you want to live in the US - youd better be a doctor or work at jiffy lube
because there wont be much else to do that anyone will pay you for
And the US Govt preserves favorable tax treatment for US multinationals that park profits offshore
bye bye us
Eventually Americans may have to migrate to Chindia.
I agree with you. I graduated with a masters degree in EE in US and people would look down upon me as if I was beneath them, and then I would hear them wow at some people who were lawyers or stock brokers. Now everyone is a stock broker and not enough engineers.
You think broke people will be able to pay the top doctor salaries. Doctors are the next one to get the pay cut.
I also think that going up the ladder may not be the best option if you are looking for security. USA will remain the country where the innovation will happen and if you are just another manager or a director or a VP, your job could be cut easily.
and that may include (if you're going for a degree) considering something else in the end. If you already have one....better start differentiating yourself or immediately finding the more "secure" areas (for at least a while)...then when there, following what's coming next and be ready to move there!
Whether this implosion is 5 years, 10 years, however long it can be stretched out...it isn't pretty because it it what it is now, and it is worse what it will be when it happens...
It's now chasing the money as to what's profitable and venturesome...whether you "like it" or not.
I think IT professionals should retire by 40.
So plan your life & career accordingly.
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