Not quite sure about your reasoning...as it just seems to be way too simplistic.  But sometimes the simplest of reasons COULD be main cause!!

I on the other hand think that its more to do with most Americans being complacent.  Complacency that had been formed as The U.S. HAD been at the forefront of economic superiority; complacency that The U.S. had been "Number #1" and will always be thus.

Wellllll...IMHO the Americans are going to be in for a very rude awakening!

Other countries - most notably the previously labelled third world countries like the PRC - had been growing by leaps and bound. Oh sure, things are still relatively cheap for an American to travel to these countries these days - and thus reinforcing American Smugness when traveling to these countries - but all this misplaced bleating by ignorant U.S. Politicians and their constituents to revalue OTHER countries currency anytime U.S. manufacturing figures get in trouble - well....be careful...be very careful with what you wish for!!  

And for other Western/Westernized countries - you Americans tell me if you don't feel like real poor third cousins when you have to pay the to you exorbitant prices in Tokyo, Paris etc.

And at the same time, the American politician keeps on spending just to get re-elected and doing so by further putting their future generations in hock to foreigners.  Debts that is basically nothing more than a Ponzi scheme and getting worse by the minute!  Yeah, they can still service their present debt, of course, when they've been keeping WORLDWIDE interest rates practically negative figures. But sooner or later, when the extent of their profligacy gets exposed for all to see, and these creditors run off to other currencies to "invest" their own surpluses - well, the shit's gonna hit the fan!

Like I said, The USA is rapidly losing its #1 spot. Let's see what happens when more people realize this!

SEAN - actual I'm only a mongerconomist! So what do I know??!!

I can answer this.  We move to China and work here!