True, but we are losing our competitive edge and we need to work to regain it. In the long run, outsourcing low-skilled data entry and customer service jobs will free up the American workforce to perform higher-skilled tasks (as long as we continue to churn out an educated population). I know this is of little comfort to the customer service rep in Nebraska who just saw "Singh" in Bangalore take his job, but it still holds true.
America does best when we are challenged (remember Japanese automakers?) and we are being challenged now by a hungry, motivated and increasingly educated workforce in India.
As far as I can see, neither of our two remaining automakers is doing particularly well against Japan's automakers.