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White Collar Recession fueled by Offshoring of Jobs
This appeared this past Friday (10/11/24) on my LinkedIn feed.
The nerve of both Inside Insight | Growth Agency and LinkedIn to just post this on everyone in the Western World’s news feed, particularly during one of the most difficult job markets for Tech and white collar talent in the 1st world.
Anyone who has spent any time on LinkedIn over the past 22 months that started with Elon Musk laying off 50% of the staff at Twitter/X — resulting in close to a million jobs lost between November 2022 and today — knows that the news feed is filled with people desperate for work, losing homes and cars, running out of unemployment benefits and savings…
And you run a sponsored ad for a company who is literally finding and exploiting foreign workers to do the same work that local US/EU/Canadian workers do for 1/20th of the cost.
And people wonder why the economy is the #1 issue in every country’s elections.
There is a lot of fondness for blaming the incumbent administration for the state of the economy, the cost of living, productivity, etc… But what we actually have is the price being paid of short sighted political pandering of past administrations loosening laws and/or failing to plug loopholes in labor laws and taxation that allows this kind of activity to occur.