American Companies Are Hiring--Overseas

That's the headline of the AP story on the Oregonian's front page yesterday.

"American jobs have been moving overseas for more than two decades. In recent years, though, those jobs have become more sophisticated — think semiconductors and software, not toys and clothes.

"And now many of the products being made overseas aren't coming back to the United States. Demand has grown dramatically this year in emerging markets like India, China and Brazil."

Hmm. Like light bulbs? The last incandescent light bulb factory in the U.S. closed in September. Or solar panels?

How about oil production? Or for Oregon, timber products? Or for California, agricultural produce?

When you don't know how to use your natural or population resources, you do tend to lose jobs. Unfortunately the people who suffer most are at the lower end of the economic scale--not the political leadership that failed to foresee natural consequences.

Fortunately, some of this can be turned around. All it takes is a few elections and the sort of pro-growth choices that Brazil, China and India are making.

Having lived in a developing nation, it's kind of a nice turnaround when the "third" world shows more smarts and starts leading the "first" world.