The massively overhyped threat of offshoring

Nice bit from Bangalore Tiger at BusinessWeek on the rapidly shrinking cost advantage of off-shoring to India. I have always held the view that the threat of losing many or most US high tech or white collar service jobs to India was grossly overinflated. The fact that there is such a tremendous shortage of skilled workers in India that they are IMPORTING labor from Australia, Philippines, the US, and elsewhere further reinforces this point. Neither India nor China has enough skilled/trained/educated/experienced mid-level business managers (and many other crucial skills) to dramatically expand the quantity of work from mature countries from current levels. Everyone should please just calm down.