I am often intrigued by remarks such as this. For starters, since the inception of this nation, this has always been the case as new industries destroy and replace old ones.
What is often lost in the discussion of massive job losses in the manufacturing and technology industries today is that much of it is the result of one sided trading relationships with Mercantilist nations that target American industries for destruction because they want to be in those industries. These nations, mostly Asian, have little interest in buying American goods for trade but are always very interested in acquiring the know how, capital and factors of production that was created, built and pioneered in America.
We often hear about the new economy jobs but what and where are they? When America loses the very industries that support the disciplines of engineering and science exactly where is this new innovation going to come from? Just walking through any Best Buy store today should be a wake up call. America does not make TVs, HDTVs, Plasma Screens, Monitors, DVD players, Radio equipment, pagers, cell phones, heck even most of the parts in a PC are made overseas. But all of these industries were once the fronts of innovation in America and the bedrock of technological advancement.
The new economy sadly looks more like American's pre-industrial economy. Those who believe America can be a service sector driven economy, and remain the world’s most prosperous and militarily strong country have a rude awakening in store for them.