I certainly think that there are some changes in the works, but I don't really think that those changes translate to a wholesale evisceration of IT jobs.
There are jobs that can easily be moved around (wherever), and jobs that can't (or can't very easily, at least). Also, depending on what a specific company does, any salary reductions gained by offshoring can often be more than made up for by other factors, including communications.
I'm very much a market oriented capitalist that accepts a global marketplace, so I don't have any real problem with outsourcing where it makes *good* financial sense (and quite a few companies that are offshoring aren't really doing the math, and they tend to find out that it isn't the silver bullet they were looking for). I do tend to be a bit skeptical about such decisions when the only apparent effect of such a decision is another several million dollars in the pocket of the CEO and other execs, while the promised productivity gains and cost savings to the customer are nowhere to be seen (I tend to believe that if a company is *truly* serious about cutting costs and competing in the marketplace, then they will apply their cost saving measures at *ALL* levels of the company, including the executives). I'm fine with saving money, but hypocrisy pisses me off

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I'm personally not afraid of offshoring, as what I currently do involves quite a bit more than just development, and additionally, I've already changed careers several times, a couple of which were pretty much in the same type of context as the current offshoring trend.