The Myopia Continues

The Bush Administration is wholeheartedly praising the overseas outsourcing of manufacturing and service jobs, per the following item from the Center for American Progress:

The rationale, as explained by White House economist Gregory Mankiw, is that shipping jobs overseas is simply the "latest manifestations of the gains from trade that economists have talked about." Summing up the Administration's position, the report said: "When a good or service is produced more cheaply abroad, it makes more sense to import it than make or provide it domestically."

Never mind that this process, taken to its ultimate extreme, will result in such massive unemployment that nobody in the U.S. will be able to afford any such goods and services, no matter how cheap they are.

Followup:
And don't just take the progessives' word for it: Even House Speaker Dennis Hastert (R-Ill.) strongly disagrees with the White House's position on job outsourcing.