St. Louis Fed Chief: Get Used to Offshoring

St. Louis Federal Reserve President William Poole said on Tuesday the shift of jobs to low-wage centers was part of a long economic trend that was here to stay, and said public policy should focus on finding new work for those it displaces.

"This is a very, very old process. This process has been going on in the course of economic development for hundreds of years," Poole told economics students at the University of Evansville in Evansville, Indiana.

He said it was an "ongoing process" where companies take advantage of the chance to buy goods and labor cheaply and then sell the output in higher-cost markets.

Ok, get used to it, but which jobs in which industries will be created in the future here in the U.S.? Help me to understand that one, Mr. Economist. Poole is probably right that people should pursue other job and career paths. I say start your own business and sell to the world. Be very careful who you work for in the future.

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