Is Outsourcing Good For The Economy -- And Workers?

Obama Romney outsourcing workers
Obama Romney outsourcing workers

If there's one position that both presidential candidates can agree on, and it may be the only one, it's that outsourcing jobs overseas, or "offshoring," is absolutely terrible for American workers. Earlier this year, President Barack Obama proposed a 20 percent tax credit for companies that return offshored jobs back to this country.

His opponent, former Massachusetts Gov. Mitt Romney, claims to be on the same page, speaking about offshoring in strictly negative terms. And according to his "Believe in America" economic plan, he plans to adopt to a "territorial tax system" in which "income is only taxed in the country it is earned." Such a policy, the Romney plan says, will "encourage the creation of jobs in the United States" thereby eliminating the need for companies to outsource jobs abroad.

Both candidates have called the other the "outsourcer-in-chief," with the president's reelection campaign releasing ads calling Romney's business firms "pioneers" of the "problem" of outsourcing jobs to China.