Can you say 1929?

Investors and corporations know they get a triple-barreled benefit from outsourcing work to other countries. First, the workers who lose their jobs are replaced by workers making one-tenth to one-third as much.Second, workers who lose their jobs enter the labor market and have a depressing effect on workers who still have jobs that can't be exported from this country: construction workers, truck drivers, salesclerks, waiters and so on.
That's why the outsourcing of jobs has hurt not only manufacturing workers, but virtually all who are in the same income class. It's not just the 5 percent of workers who are hurt by globalization, it's 100 percent.
Third, workers who still have manufacturing jobs know that when a corporation threatens to shut down a plant if employees don't behave, like wanting a bigger share of the corporation's profits, the threat is real. Even unionized employees have learned that they have effectively lost all their bargaining power.