Abhorred, you said you do not agree with me but all your arguments are just along the line what I am trying to say. Like you said economy is cycle but if you plan ahead you can turn that cycle on your favor.

 As far as inflation is concerned, declining US economy even a bit has larger impact on the monitory policy of rest of the world, that in turn impact the impact US economy.

Like you said, manufacturing jobs will come back but when? And how?? Big employers like GM motor are fighting for survivals forget about the making profit??? Toyota and Honda is taking over. Secondly, you need perpetual  energy source to continue your industry if US need to get back, they also need to rethink about energy policy. So getting back manufacturing jobs in its original shape is not that easy, you need to rethink your position. Industrialization phase is over already as you said. then what next? US top brass economist theortician " walt rustow" is also silence. Read his theory..tough days are ahead for US.

My understanding is India and China will continue to give hard time to US, India is hand taking most of service oriented jobs and  china is manufacturing. It is high time for US to realign its policy. Again capitalism is not absolute. Read amartya sen’s any publications. Read the world is flat by Tom Friedman.