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Your post was shortsighted and short-term focussed. But I will only expand on only one part of it with an example based on what I am doing, and many others are doing.

"In the second case, higher paid, higher skilled workers are displaced by low-wage foreign substitutes, which generally forces either a competitive reduction in domestic salaries or a downscaling of employment opportunities."

I am a licensed engineer, and have 11 Mexican engineers working for me in Mexico. They are not as competent at my projects as I, but they only get paid about 1/20 as much as my old salary, too (which to them is a HUGE wage). They are doing the dreariest parts of my old job, while I oversee the whole project far more efficiently. Therefore, I can produce about 3 times as much as before I had them.

As far as the U.S. is concerned, I am producing about 3 times as much and spending only about 1.5 times the money ----> Big Productivity Increase.

The lesson is that you have to be quick on your feet. There is ALWAYS work to be done, sometimes you have to make a change, and you find out it's to your own benefit.

164 - I got a great idea, to save even more money -

"I am a licensed engineer, and have 11 Mexican engineers working for me in Mexico. They are not as competent at my projects as I, but they only get paid about 1/20 as much as my old salary, too (which to them is a HUGE wage). They are doing the dreariest parts of my old job, while I oversee the whole project far more efficiently. Therefore, I can produce about 3 times as much as before I had them. "

Let's hire a really good mexican engineer, at 1/20 of your current salary, and make you even more productive. That way, we could have an infinite increase in productivity, and wouldn't need to pay you anything. Then you could retrain for a job serving tamales to the mexican engineers.

"The lesson is that you have to be quick on your feet. There is ALWAYS work to be done, sometimes you have to make a change, and you find out it's to your own benefit."

Good comment! I would only add that when you ARE making exceptionally good money, don't spend all of it!! Put aside as much as possible for the day when the job may end and you have to learn other skills. Too many people are in debt up to their necks...all while make some big bucks!