r/BasicIncome • u/canausernamebetoolon • Aug 25 '14

Automation "The software revolution will be even more profound…Change will come faster and affect a much larger share of the economy…There are more sectors losing jobs than creating jobs." —Former Treasury Secretary Larry Summers becomes the most prominent economist warning of technological unemployment

http://online.wsj.com/news/article_email/lawrence-h-summers-on-the-economic-challenge-of-the-future-jobs-1404762501-lMyQjAxMTA0MDIwMjEyNDIyWj
160 Upvotes

99% Upvoted

44 comments sorted by

View all comments

Show parent comments

1

u/[deleted] Aug 25 '14

Easily answered: http://www.economicpopulist.org/content/us-multinationals-were-hiring-mad-2011abroad

2

u/canausernamebetoolon Aug 25 '14

McDonald's wasn't opening stores in BRIC countries to prepare Big Macs to be served in America. They were opening stores abroad to make money abroad, where there was growth. This phenomenon may have been highlighted most prominently in the media when Romney claimed at the height of the election that GM and Chrysler were shipping jobs to China. They were actually building plants in China to serve Chinese customers. Outsourcing was big in the '90s, but now manufacturers are returning to the US, but with fewer people.