You have to keep the employment situation in perspective. The unemployment rate is bad now because there are so many more people who need jobs. The lowest unemployment rate in the last 20 years was 3.8 percent in April of 2000, and right this minute there are 2.8 million more people working in the U.S. than there were back then.

As you point out, there is a great "leveling" process going on around the world as more nations leave the Third World for the First one. And yes, it isn't going to be as cushy in our country for some industries as it was, but new industries and services will come along. Most of the planet is still hiring people to do things that were invented in the United States. How many of today's jobs didn't even exist 20 years ago?