What's wrong with outsourcing?

Unlike NPR's morning edition, Marketplace identifies the Institute mentioned below as a nonprofit liberal research group, and goes on to interview Professor Lawrence White, who explains a CEO's job is to make a company more efficient, but that another problem is that while American CEO's are often over paid, the problem is that their pay doesn't have any connection to their performance. Neither White nor the study's author acknowledge that "outsourcing" jobs overseas is a minor problem.

outsourcing jobs overseas, or "offshoring," accounts for just a small fraction of the many millions of jobs that are lost each year even in a good economy.

...only 2.5 percent of major layoffs in the first three months of 2004 were a result of outsourcing abroad.

Over time, offshoring is beneficial:

In the short run, an increase in offshoring reduces U.S. job growth. But in the long run it improves the standard of living, increases real wages, and increases the country's economic growth.

...over the past decade the US economy lost an overall total of about 15 million jobs each year for all reasons, while creating an average of about 17 million new jobs each year - a huge rate of "churn" as countless businesses fail or downsize while others grow or are created.

...when companies move some jobs abroad the savings stimulate job creation at home...

In the initial phases of IT offshoring there is a loss of jobs, but the overall impact on the economy will be favorable. Because companies are paying lower costs, they have more money for investment which leads to an increased demand for labor. This does not indicate a 1-to-1 ratio of jobs gained to those lost, however the overall economy will benefit from offshoring.

...the US gains more from "insourcing" of jobs than it loses from outsourcing....in 2002, the most recent year on record, the US exported $29 billion in "business services" while importing less than $11 billion....the jobs that are being gained are generally higher-paying jobs than those that are being lost.

(Note that while these people are apparently willing to countenance "outsourcing" to other Americans, they feel it's wrong to let goddam foreigners have them.) What's wrong with outsourcing? Not much.