Just check out the NY Times link:
http://www.nytimes.com/2010/09/07/business/economy/07jobs.html?pagewanted=1&_r=1&th&emc=thFirst the IT and "programmer" jobs go over. Then they become sources of innovation and drag the high level jobs with them overseas. Worse, it's not just India any more but Russia and China adding more and more highly educated talent to their job pools.
Now Americans get to live more cheaply off overseas goods, but even that doesn't work if there's not enough jobs in the states anymore.
I'm afraid all I can see right now is the downward spiral for the US. They don't hire entry level talent any more because those jobs are easy to get done overseas. College students go into other professions because they either see or fear the lack of jobs in IT and Engineering. I see lots of companies asking for Developers with 10+ years of experience, but nothing less will do. So an entire generation of IT and Developers will disappear and then Corporate America will be forced to outsource the remaining jobs too.
So the future looks bleak from my standpoint if you live in the US. Best bet is to find a job requiring a government security clearance or perhaps Healthcare -professions resistant to outsourcing. Or skip most of the tech skills entirely and focus on acquiring project management skills so you can find a job coordinating the outsource teams.
Don't get me wrong. I'm not saying all the jobs will go overseas. Many will stay in the US and employ those willing to make minimum wage -at least until the standard of living rises around the world and finally eliminates most pools of cheap labor -say in 50 to 100 years.
