There's been some debate amongst the American governing elite about America's place in the world and its declining power. Barack Obama went to Australia not long ago and declared that America will continue to be an Asia-Pacific power. And the issue of the Brzezinskian grand chessboard is still very much on their mind. But what does this maintaining America's position in the world mean for ordinary Americans? Who's going to pay for all this? When it comes to competitiveness, it really means wages, although that word doesn't get talked about very much, not in the mainstream press or in the halls of Congress.

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