Jon S. Corzine: “The $140 billion the Senator from Connecticut spoke about with regard to salaries on the chart the Senator previously…”

“The $140 billion the Senator from Connecticut spoke about with regard to salaries on the chart the Senator previously showed, there is a multiplier effect. It is almost three times that value to the economy. The Senator had the chart which showed the full implications. It is remarkable what is given up when our Nation loses these jobs overseas. It is not just those salaries. When you take the full implication, because you also have to look at the tax revenues that come back into the coffers of State, local, and Federal governments, these numbers could be even larger. This is just showing the impact of what the multiplier effect is for the economy. These numbers are huge. So the undermining of the well-being of our economy by this outsourcing element is just way more profound than I think is being discussed and is an extraordinary misrepresentation and a mistake for the administration to believe that this is something we ought to be embracing and encouraging. There is another element that needs to be thought about. Every time those outsourcing jobs cost an American job, then that individual has to compete for another job. Right now, for all but the top 20 percent of our economy, we are seeing declining real wages. The fact is, people are competing for lesser quality jobs that pay less than the jobs that are leaving. I think we have seen estimates that it is about 20 percent less that an individual makes in the next job they take after they have been laid off.”