In a "perfect" economy, kind of like the kind they use when teaching economics classes, yeah. But in the real world, maybe not.
Here is an example of a counterintuitive economic law. It is called Gresham's Law. Basically it means if you have a country with two currencies, one good and one pretty lousy, everyone independently realizes -- Geeze, I better put my good currency under my mattress or in the bank because it is valuable and spend this lousy currency to get rid of it. Result is, the good currency disappears from circulation while only the lousy currency stays in circulation. And a currency that doesn't circulate isn't really a currency. So the bad drives out the good.
I think it is perfectly possible for companies to independently decide to outsource, replace good American IT people with mediocre to bad non-Amercian (but cheaper) people, and then just stay that way. After all, changing after that would cost money and the benefits would be unquantifiable (after all, IT is a cost center, right?).
But this kind of decision making is bad across the board. There is a reason that corporate profits stink, and it isn't just because "labor costs are too high". I think much of it is due to plain rotton executive (and management) decisions. So a lot of corporations will just declare chapter 11 due to mismanagement (stockholders get dirt, bondholders get a bit, executives cash out), and then outsource lock, stock, and barrel. Other corporations will just become more and more multinational every day until they are US corporations only by registration.
As to why this happens -- my personal theory is that it is because the stockholders are now "owners" in name only. Instead of a few wealthy guys as owners, or ownership within a family, it is spread over a few hundred mutual funds, with hundreds of thousands of "owners". Therefore, there is no check on the board of directors, no check on the executives. Therefore they run the companies as their personal cash cow piggy banks. Managers who rock the boat (take risks) get canned, so managers just cover their own butts and rubber stamp the executives. Why do I think this? From being in consulting for a number of years and witnessing this first hand over and over and over and over.