How do you imagine this "out-competing"? By making cheaper products? By paying less American workers?
if we are resolved to do so
Whom do you mean by "we"? The CEOs who dismantle manufacturing for short term gain and fat bonuses? US workers who suplement their incomes with credit cards and borrowing against equity? Students who go to law schools and avoid engineering? Neocons who waste billions on building democracy in the countries which do not understand it?
and don't forget the booming "interest only mortgages". The Fed made a statement this week talking about how dangerous they are for the economy, and how they are inflating the housing bubble even bigger. no one is doing anything to stop it of course, its just going to be part of crash I guess.
By being more innovative and more productive than our competitors.