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Outsourcing and the U.S. Economy: Can Trump Muscle Save the Day?

May 3rd, 2017 Comments off
OutsourcingandtheUSEconomyCanTrumpMuscleSavetheDaycreditlastlineofdefense-postedtothedailybusinessnewsmhpronewsmhlivingnews

Credit: Last line of defense.

India based IT services firm Infosys announced yesterday that they plan to hire 10,000 U.S. workers over the next two years and open up four additional technology centers, beginning in Indiana.

According to Newsmax, the move comes at a time when Infosys, along with fellow Indian companies Tata Consultancy Services and Wipro, are on the radar of the Trump Administration for displacing U.S. workers by bringing in cheaper foreign workers as a part of the H1-B Visa program, paying them less.

The Trump Administration has ordered federal agencies to review the program.

When you think about it from a U.S. point of view, obviously creating more American jobs and opportunities is a good thing,” said Infosys Chief Executive Vishal Sikka, who said the company plans to hire U.S. workers in fields such as artificial intelligence.

Sikka also says that Infosys has already hired 2,000 U.S. workers as part of a previous effort started in 2014.

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Vishal Sikka. Credit: Hindustan Times.

We started small at first and have been growing since then,” said Sikka.

The reality is, bringing in local talent and mixing that with the best of global talent in the times we are living in and the times we’re entering is the right thing to do. It is independent of the regulations and the visas.”

 

How Outsourcing Jobs Affects the Economy

According to a report from The Balance, the main negative effect of outsourcing is it increases U.S. unemployment.

The 14 million outsourced jobs are almost double the 7.5 million unemployed Americans. If all those jobs returned, it would be enough to also hire the 5.7 million who are working part-time but would prefer full-time positions.

The report also says that imposing laws or terms to restrict job outsourcing could make U.S. firms less competitive.

According to a study from Pew Research, major changes are reshaping U.S. workplaces as the economy moves deeper into the “knowledge-focused age.”

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Credit: Pew Research.

These changes are affecting the very nature of jobs by rewarding social, communications and analytical skills. They are prodding many workers to think about lifetime commitments to retraining and upgrading their skills.

The study cites that the number of workers in occupations requiring average to above-average education, training and experience increased from 49 million in 1980 to 83 million in 2015, or by 68 percent.

This was more than double the 31 percent increase over the same period in employment, from 50 million to 65 million, in jobs requiring below-average education, training and experience.

 

Hope for Lost Jobs? President Trump in Action 

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Credit: Heather’s Homilies.

President Trump is known for his no-nonsense, get things done style. Coming into the White House, he had no plans to change it.

I will be the greatest jobs producer God ever created,” said President Trump just before his inauguration. “Believe me.

By all appearances, he’s on his way to delivering on that statement.

In the ADP March private payrolls report, companies added 263,000 jobs for the month, which was well above the 185,000 expected from economists surveyed by Reuters, and also bested the 245,000 reported for February.

Even with a slight move down in April, surveys still show that confidence in the economy is strong.

Job growth is off to a strong start in 2017,” said Mark Zandi, chief economist of Moody’s Analytics at the time.

The gains are broad-based but most notable in the goods producing side of the economy including construction, manufacturing and mining.“

That has resonated with the small business community as well, as the January, February, and March reports reflect anticipation of President Trump’s policies, including the highest Small Business Optimism Index in 37 years from the NFIB.

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Juanita Duggan. Credit: NFIB.

We haven’t seen numbers like this in a long time,” said NFIB President and CEO Juanita Duggan in January.

Small business is ready for a breakout, and that can only mean very good things for the U.S. economy. Business owners are feeling better about taking risks and making investments.”

 

 

A View from the Industry

Even with the progress that’s been made, President Trump still faces an uphill battle.

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L. A. ‘Tony’ Kovach is the publisher of MHProNews.com, MHLivingNews.com and MH Consultant.

As well as the markets and new job creation are already responding to his initiatives, where could we be if there wasn’t a non-stop assault on our new president?” said MHProNews and MHLivingNews Publisher L.A. “Tony” Kovach.

In November, Tim Williams told MHProNews that, “I am deeply encouraged that less than 24 hours into President Trump’s term, he has frozen new, potentially burdensome regulations.”  For his full comments, click here.

MHARR CEO, Mark Weiss, JD, shared similar thoughts with MHProNews in a story, linked here.

For more on the nations economic progress, including a recap of President Trump’s first 100 days, click here. ##

(Image credits are as shown above, and when provided by third parties, are shared under fair use guidelines.)

 

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RC Williams, MHProNews.

Submitted by RC Williams to the Daily Business News for MHProNews.

Dem Senators Scramble to Save CFPB’s Cordray

January 18th, 2017 Comments off
IDontThinkThereWasEverMuchHighCostLendingInTheManufacturedHousingMarket-stillcreditCSPAN2--RichardCordrayCFPBdirector-Posted-MHLivingNews-com-

Still from an Inside MH video, reflecting how Richard Cordray himself said that there was never much high cost lending in the manufactured housing industry market.

Richard Cordray, Director of the Consumer Financial Protection Bureau (CFPB) is getting some help from Senate Democrats to save his job.

As the Daily Business News reported recently, Republican Senators Mike Lee (UT) and Bob Sasse (NE) sent a letter to Vice President-elect Mike Pence and President-elect Donald Trump, urging them to remove Cordray.

It’s time to fire King Richard,” said Sasse, who also serves as a member of the Senate Banking Committee.

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A tweet from Senator Bob Sasse.

Underneath the CFPB’s Orwellian acronym is an attack on the American idea that the people who write our laws are accountable to the American people. President-elect Trump has the authority to remove Mr. Cordray and that’s exactly what the American people deserve.

According to The Hill, Senate Democrats are asking Trump to do the opposite.

Senate Minority Leader Charles Schumer (N.Y.) and Senators Sherrod Brown (OH) and Elizabeth Warren (Mass.) defended CFPB Director Richard Cordray’s record, saying he should be allowed to finish his term as the bureau’s chief through July 2018.

They say removing Cordray would be an “extreme and unprecedented step.

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Senators Chuck Schumner (right) and Harry Reid. Credit: Politico.

Do not tell Richard Cordray he’s fired,” said Schumer.

Firing Cordray might be part of the billionaire agenda, but removing him and gutting the consumer bureau would shatter Trump’s promise,” said Brown, who is the ranking Democrat on the Senate Banking Committee.

Schumer, Brown and Warren also said they would help lead a national campaign to defend Cordray should Trump decide to fire him.

The CFPB was established as part of the Dodd-Frank Act as an independent agency. This technically means that President-elect Trump could only fire Cordray “for cause,” a rare step meant for serious abuses of power.

A U.S. Court of Appeals recently ruled the CFPB’s structure is unconstitutional.

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Credit: Wikipedia, CFPB, HubPages.

 

Under Rich Cordray, the CFPB is doing its job on behalf of the American people,” said Warren.

President-elect Trump is considering former House Representative Randy Neugebauer (R-Texas) to lead the agency as its sole director.

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Randy Neugebauer. Credit: Wikipedia.

Per The Hill, Neugebauer was one of several House Financial Services Committee members who opposed the CFPB’s power and structure.

Schumer believes that Neugebauer is a less than ideal choice.

It’s like putting the biggest arsonist that we know of in the firehouse,” said Schumer.

Neugebauer is responsible for a 2015 bill that would install a bipartisan commission to lead the CFPB instead of a sole director.

Republicans believe a bipartisan commission would rein in the agency and prevent it from stifling the economy with overbearing enforcement actions, while Democrats say the push for a commission would make the agency effectively powerless.

We know if there’s a commission, it simply won’t work,” said Brown. “The whole idea of the commission is to emasculate this agency and take away its power.

Senator Lee disagrees.

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Senator Mike Lee. Credit: AP.

The Constitution was written to protect the American people from unelected and unaccountable bureaucrats, said Lee. “Considering the damage CFPB has done to credit unions and community banks, President Trump should act quickly to remove the director.“ ##

 

(Editor’s Note: MHLivingNews has closely followed Director Cordray’s testimony, see the video linked here – his interesting statements on manufactured home loans.)

 

(Image credits are as shown above.)

 

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RC Williams, for Daily Business News, MHProNews.

Submitted by RC Williams to the Daily Business News for MHProNews.