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I've worked for a few months in China. I'm aware of how vastly better I am than them at my profession. For years part of my job was fixing their screw ups. I don't have it in me to screw things up as badly as overseas engineering teams do.
So they certainly won't outcompete me on capability. But they blow me out of the water on willingness to work for very low wages. There were junior engineers living two to a studio apartment. Add in US residency and they'd work for (by my 'silver spoon' American standards) poverty wages and they'd do it with a smile.
Some people would frame this as a race to the bottom. Median wages would drop and tech companies would capture the difference. Major tech companies are already wildly profitable. It is not as though design staff wages are breaking the bank. You'd sure be smashing something here. The formerly prosperous American upper-middle class would be crushed. Like that bit in Snow Crash where perfect borderless globalization equalizes wages and results in something that resembles prosperity from the point of view of a Pakistani bricklayer.
At the moment Canada is trying a radical experiment in massive immigration. The results are a disaster for non-immigrant Canadians. Looking at that, I have decided to selfishly not ruin my nation by opening the floodgates to 3rd world immigration.
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