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A General Electric Co. (GE) logo is displayed on the door of one of the company's microwave ovens being offered for sale at a Sears store January 22, 2010 in Chicago, Illinois. Today GE posted a 19% slump in fourth-quarter earnings, but still beat Wall Street expectations.
It's become a given in this country that manufacturing jobs that once powered the middle-class are gone; outsourced offshore to countries with lower wages.
No one in corporate America seemed to question the strategy, design stuff here, send it overseas to be built. But now that's changing, and an increasing number of manufacturers are finding that outsourcing isn't a magic bullet.
Instead, they are finding they can actually make stuff right here in the U.S., and do it cheaper and more efficiently, even with higher labor costs.
Journalist Charles Fishman writes about this 'insourcing boom' in the December issue of The Atlantic magazine.