I really don't care what Stephen Roach says.
What does that have to do with anything. Steven Roach is just another squawker for political agenda.
The real economic issues lay in the data and trends that show where we, as a nation, are heading. Not the squawking of ducks for whatever there agendas, right or left in politics.
To ignore real issues just because some oddballs have decided they can use data for their own agendas, is just plain dumb and an invitation to disaster.
I suppose you are one of those folks who would drive off into a flooding stream because you didn't like the looks of one person in a crowd of people trying to warn you of a washed out bridge.
And again (incidentally), arguing that something is not growing fast enough is not arguing that something is shrinking.
You ever hear of trends?
Sorry, whatever you may wish to believe in, we are indeed losing our competitive edge in world trade for very substantial reasons, among the biggest being the overpowering growth of government with regard to the private sector (of which manufacturing is a part.)
Relative Shares of Economy pre-1930 post WWII
(1947)TODAY
(2004)
Ignore the trends, do not react properly to them,sitting on the laurels of the pastm as you appear to want to do, and we become a nation headed into stagnation, not one with a future of growth and continued prosperity.
There are very clear things we could do to change the trends. Among them permanent reduction of taxation, changing how we tax,curtailing the profligate growth of government and ever rising spending spree it is on.
I find it interesting that there are so many so willing to just sit and close their eyes while eating the seed corn believing all is keen and wonderful. All the time excusing themselves of taking any actions necessary to the continued prosperity and strength of our nation into the future.