blog




  • Essay / For the Love of Money - 1567

    When someone graduates from college, there is a lot of fulfillment and celebration, as there should be. A brilliant life has begun. Or rather, he should have started. Is it even possible that a few years later, the same person is still looking for a decent job in their chosen field? Yes, in fact, about 36.7% of recent college graduates are poorly employed, working in positions that don't require a degree (Luhby), and on a broader scale, 58.6% of U.S. citizens sixteen and older are facing unemployment (U.S. Bureau of Labor Statistics). This equates to approximately 185 million unemployed people (U.S. Census Bureau). For this reason, there is much speculation and concern about the state of the U.S. economy regarding job availability and the effect of outsourcing on employment. Outsourcing is the business practice of sending work to other companies or countries. While outsourcing can contribute to a stronger international economy, it will continue to have devastating consequences for domestic employees if their companies decide to uproot and move production overseas. Those who favor outsourcing argue that wages are lower in other countries, so corporate profit margins are increased and international trade is enhanced through jobs offered elsewhere. In fact, compared to their American counterparts, Chinese factory workers are paid significantly less. The average hourly rate for a factory worker in China is approximately $1.36 (Kavoussi) or 8.23 ​​Chinese yuan. In contrast, the average hourly rate for a U.S. factory worker is $24.64 (Table B-3). Because of this notable difference, a company's profits increase significantly with the use of outsourcing, contributing to a...... middle of paper ......ugles Hohner. Made in America, again. Chicago: Boston Consulting Group, August 2011. Web. January 25, 2014Strom, Stéphanie. “For Ohio pottery, a little revival.” NYTimes.com. The New York Times, June 11, 2012. Web. February 5, 2014. "Table B-3. Average hourly and weekly earnings of all private non-agricultural sector employees by industrial sector, seasonally adjusted." U.S. Bureau of Labor Statistics. United States Bureau of Labor Statistics, January 10, 2014. Web. January 26, 2014. United States. Bureau of Labor Statistics. Department of Labor. Np: np, nd Labor force statistics from the Current Population Survey. January 2014. Web. January 22, 2014. “U.S. National Debt Clock: Real Time.” US national debt clock: real time. Np, and Web. January 2014. January 25, 2014. United States. Census Bureau. US Department of Commerce. Quick facts about the United States. United States Census Bureau, January 7, 2014. Web. January 22. 2014.