There is a really good article by AP this month that has been in several papers and on many web sites. It goes into some detail on how the US still produces $2.50 worth of products for every $1 China produces.
The article describes what we will people as well, that the US has moved up the "food chain" and now makes much more complex items. What people see in retail stores are what is made in China. US companies make computer parts, airplanes, software, and other complex items.
Manufacturing all over the world is taking a hit right now. History shows the US will likely emerge stronger than other countries as we are the innovators. I firmly believe this to be the case.
You can find the article at the following site:
http://news.moneycentral.msn.com/ticker/article.aspx?Feed=AP&Date=20090216&ID=9613102&Symbol=US:AAPL
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