If one views it through protectionist eyewear, they will only see the negatives. I for one see the glass more than half full in this instance. To all allow people to stay in their native countries and enrich the economies in direct competition with our own is stupid over the long run. As a Systems Administrator I know full well that there are too many overpaid "professionals" around me.... My point is that Americans in the IT field have been well paid for a long time and the ROI is just not always there; Americans should give more value to their employers or else they have succumbed to the "socialist theory of employment", e.g., that they are entitled without competition to their lifestyles.
Are you going to feel that way until you're the "overpaid professional" who is replaced?