Actually alot of the big big names that outsourced to India a long time ago are now thinking of taking that business to countries east of India (don't remember their names) that are willing to do the same job for even less. Plus, I agree with you, education isn't the answer. Don't get me wrong, education is important (I'm working on mine). But education only gets you in the door, the rest is what you know / experience.
Now to the point of the bottom line. If someone is willing to do the same work for less than half, why won't you hire them? Is that not why you see so many mexican workers doing construction/yard work/fast food work? If someone is willing to mow (sp?) my yard for $5 versus the kid down the street wanting $15 or the professionals wanting $50, I'm going with the $5 guy. That is the ONLY reason companies are outsourcing. The US and UK have ppl just as good (if not better) than ppl in India or China. I believe the cost of living is high here (US). If your bills were suddenly cut in half, you wouldn't mind working for less (if forced to). Cost of living in those countries is alot less in comparison. Yes, they have an abundance of human resources, which also makes it alot cheaper, but the $6000 that a worker makes in India goes almost 5 times (or more) further than what it would here.
I myself am not too happy about the whole outsourcing thing since I am a CS major