I think some of us are are massively exaggerating the rise of China (and India). China and India have way more internal issues than the US. Their poverty rate is colossal and daunting. There are major violent civil unrest in parts of both countries. With India it's easy to see because it's an open society but China is harder to assess due to it's more authoritarian system. Also a lot of it's exports are of Western and East Asian origin. So for example Microsoft or Sony set up shop in China, use the first class infrastructure and third world wages to assemble the products and have it shipped out to overseas markets. Sure it's labelled made it China but it's actually lining the pockets of first world share holders and the Chinese elite. The people who are really losing out are workers the world over. Wages in the developed world have been stagnating relative to growth for decades as well as losing jobs to the developing world while third world sweat shops exploit workers horrendously with low wages, terrible working conditions and non existent workers rights . The real benefactors are the multi national corporations and their shareholders.
Also we have seen it before when supposedly another country would overtake the US economy. Japan for one. Germany perhaps. Heck even the USSR at one time. Look how they all they turned out.
