The Wall Street Journal has a revealing interview with Wal-Mart CEO Scott Rebuts published on their site. I especially like Mr. Scott’s takes on the effect Wal-Mart has had on companies decisions to offshore.

As an aside, I recently read on some anti-offshoring website that China needs to properly float its currency to ‘right price’ the exports coming out of their country. I don’t know about you, but, as Mr. Scott cites, customers are going to shop for value and maximum utility, and are not concerned, per say, about seeing the price of foreign goods rise right before their eyes. The market force is really an amazing thing, and it’s that market force that will drive or drown our offshoring decisions.

WSJ: To benefit your customers, you drive down prices as low as possible. But doesn't that encourage manufacturers to move jobs overseas, which puts some of your customers out of work, so they can't afford to buy as much at Wal-Mart? Isn't that a vicious circle and does that really benefit America?

Mr. Scott: There is an assumption behind the question that the only way to reduce costs is to go offshore. We have a history of working with companies like Procter & Gamble, Kellogg, PepsiCo to drive out unnecessary costs -- inventory buildup, packaging expenses -- from the business and pass savings onto the customer.
I am not familiar with the idea that Wal-Mart brings anyone in and says you need to take this item offshore. I can't say it never happened, but I can say that is not our policy. ... The percentage of our general merchandise bought overseas is lower than many companies.
Say we do business with a certain manufacturer and give them all the shelf space for their products. And other retailers are sourcing a similar item overseas and offering greater value. Ultimately, the customer will make the decision. Manufacturers could be putting themselves at risk.

There is no proof that over many years, since the U.S. became more active on the global market, it has manifested in a way that is harmful to the U.S. Unemployment, while higher than during the peak boom years, is around the level it was in 1996, the start of the last expansion period. Average wages are not going down.