A Wall Street Journal article (Nov 22, 2011), describes an analysis by the Commerce Department showing that US multinationals cut 865,000 jobs in the US and added 2.9 million jobs in the rest of the world.  In the manufacturing sector, 2.1 million jobs were cut in the US, and 230,000 added in the st of the world.  Capital investments grew at 4 % in the rest of the world, but at 0.2 % in the US.  The report thus suggests that most of the global growth was to supply global demand, not to supply US demand.  But the increases captial investments also suggest that labor costs were not the driver for global capacity expansion. The data also show that growth in services is the main reason for growth in foreign employees. Given this data, what might be the possible  local jobs impact of closing US tax loopholes for US corporations? Given that global demand drives capacity, should US employees be encouraged to travel overseas to work for US corporations? What changes might incent growth in US manufacturing, if demand in the US remains flat ?