Topic > For the Love of Money - 1567

When someone graduates from college, there is much celebration and celebration, as there should be. A brilliant life has begun. Or rather, it should have started. Is it possible that a few years later the same person is still looking for a decent job in the field of his choice? Yes, in fact, approximately 36.7% of recent college graduates are unemployed, working in positions that do not require a college degree (Luhby), and on a larger scale, 58.6% of US citizens sixteen years of age or older face unemployment (United States. Bureau of Labor Statistics). This equates to approximately 185 million people without jobs (U.S. Census Bureau). For this reason, there is much speculation and anxiety about the condition of the United States economy regarding the availability of jobs and the effect that outsourcing has 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 devastate domestic employees if their companies decide to uproot and move production overseas. Supporters of outsourcing argue that wages are lower in other countries, so profit margins for companies are increased and international trade is strengthened by jobs provided elsewhere. In fact, compared to their US counterparts, workers in China are paid substantially less. The average hourly rate for a factory worker in China is approximately $1.36 (Kavoussi) or 8.23 ​​Chinese yuan. On the other hand, the average hourly rate for an American worker is $24.64 (Table B-3). Because of this notable difference, a company's profits increase significantly with the use of outsourcing, which contributes to...... middle of paper ......ugles Hohner. Made in America, once again. Chicago: Boston Consulting Group, August 2011. Web. January 25, 2014 Strom, Stephanie. "For Ohio pottery, a small awakening." NYTimes.com. The New York Times, June 11, 2012. Web. February 5, 2014. "Table B-3. Average Hourly and Weekly Earnings of All Employees on Private Nonfarm Payrolls by Industry Sector, Seasonally Adjusted." US Bureau of Labor Statistics. US 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. "US National Debt Clock: Real Time." US National Debt Clock: Real Time. Np, nd Web. January 2014. January 25, 2014. United States. Census Bureau. United States Department of Commerce. Quick facts about the United States. U.S. Census Bureau, Jan. 7, 2014. Web. Jan. 22. 2014.