Admittedly, I'm upset that jobs that were formerly done by my co-workers are now moving overseas, but when I step back, I can say "this is free market doing the right thing".

Business needs the ability to contract freely with resources, including the workforce. When regulations are applied, it simply becomes a special-interest tug-of-war, with the biggest contributions (bribes?) to the regulators gaining the most (unfair) ground. In a true free-market, everything will eventually find its own level. It may not be the level you want, or had last year, but it'll eventually level out.