I just think that it is a far bigger issue than most PHBs realize.
That said, there are three fundamental issues. The first is the principle of relative advantage. If some kinds of development can be done more easily locally than remotely, and some more easily remotely than locally, then economic theory predicts that we are both better off in the long run by trading - no matter what our relative absolute costs are. The second issue is that that economic theory ignores the inevitable pain of dislocations. While on the whole we are all better, internally on our side there will be winners and losers - and it sucks to be a loser. The third issue is that a large part of the US lifestyle probably is unsustainable long-term. The coming acceptance of this fact is not something to look forward to...
Cheers,
Ben