People expect that they can pay 0.05x in the Philippines or India, or 0.1x in Poland or Estonia, when that's just not going to happen. I've heard a few people say the multiplier starts at something like 0.4x or more for equivalent talent.

Since that comes with all the disadvantages and risks you'd expect from splitting your team across two countries and operating in a market you don't understand, at that price point a US company should probably start thinking about spinning up a cheaper team in, I dunno, Dallas rather than offshoring.