A friend wrote:
China is going to kick our ass because they are willing to work hard. Their students come here in large numbers, enter the best schools, and get STEM degrees by the millions. They don’t all stay here. Most return to China. And many Chinese Universities are becoming very good, as good as our best here in the US. I’ve been saying this for years – we are losing our edge to China and India because we are simply no longer producing top notch brilliant scientists and researchers – they are.
The truth is that we are producing them. We’re just not keeping them. The telltale signs have been there for a while now: the US has been bleeding industry for the past two decades, replacing those industries with a service sector which tends to pay less in aggregate numbers.
Worse yet, those service sectors tend to be incredibly unstable. We replaced manufacturing in the 00s with mortgage, real estate and investment services and that imploded. Now we’re still trying to figure out with what exactly we’re supposed to be filling this trillions upon trillions of dollars hole in our economy. That is exactly why we haven’t recovered from this recession: we have shit to recover with.