Unfortunately though, we sure could use the jobs
But obviously ... we don't. If we did, either the cost of labor would fall, or the demand for it would rise.
I'm an engineer, so, I work smarter, not harder. I have no idea what fraction of the population is capable of working "smarter", though, even with assumed ideal schooling...
What will be interesting, is when China's labor costs go up, as their economy matures from manufacturing to consumption. Jobs will return here, yes, but the cost of EVERYTHING will go up, compounded. Which will probably happen as oil peaks (if not sooner), compounding even more costs.
Interesting times...
Tim