Sheer's link to the Atlantic Magazine contained this interesting tidbit:
The U.S.-based CEO of one of the world’s largest hedge funds told me that his firm’s investment committee often discusses the question of who wins and who loses in today’s economy. In a recent internal debate, he said, one of his senior colleagues had argued that the hollowing-out of the American middle class didn’t really matter. “His point was that if the transformation of the world economy lifts four people in China and India out of poverty and into the middle class, and meanwhile means one American drops out of the middle class, that’s not such a bad trade,” the CEO recalled.
It reminds me of an old WWII joke:
A General at the Imperial Military Staff HQ in Tokyo would go to a Chinese barber every Wednesday for a shave and a haircut. Once the General was seated in the chair, the Chinese barber would ask, "How goes the war, Honorable General?" The General would respond with statistics from the China Front, for which he was responsible. Something like, "The War goes well. Last week - 15,000 Chinese soldiers killed, 1,000 Japanese killed." or "30,000 Chinese soldiers killed, only 700 Japanese killed." The barber would answer, "Very good. Very Good." (OK, back before PC, it was said as "Velly Good".)
This went on week after week. The Japanese General was rather surprised that a Chinese person would find such tilted odds "Very Good". So the next time the General gets his hair cut, he answers, "200,000 Chinese soldiers killed, only 200 Japanese killed", to see how the barber would react to his false, but staggering odds. As always, the barber answers, "Very good. Very good."
So the General asks, "Chung How, you are Chinese. Every week I report 15 to 1 or higher losses for the Chinese. Today, I reported 1,000 to 1 losses for the Chinese. Yet, you always answer, 'Very good. Very good.' How can such lopsided odds be very good to a Chinese person?"
The barber smiled and simply said, "Yes, Honorable General, the odds are tilted, but soon there will be no more Japanese soldiers!"
If one American middle class worker is sacrificed by American profit maximizing businesses to raise 4 Chinese and Asian workers out of proverty, pretty soon there will be no more American middle class workers!