In the past we have argued that colleges have produced a surplus of college graduates (at least in terms of the labormarketdemandfor workers with a college education).
China has been witnessing a mini-exodus of manufacturing to other countries in Asia and Latin America as labor costs rise and market shifts have demandfor some goods heavier outside of the country.
Even if you hold everything fixed, there will be workers elsewhere in the world who at given the current supply and demandforlabor in the U.S., and the resulting market wages, will find it optimal to move here and be hired.