Sorry!! The article you are trying to read is not available now.

Wilbur Ross: 'Within five to ten years [the U.S.] could be a second-rate power'

Print comment Post Comments
Syndicated columnist PM Carpenter describes watching an episode of "Charlie Rose". The guest was Wilbur Ross, billionaire founder of WL Ross & Co., International Coal Group, and others:

"Last night I watched an arresting 30 minutes of "Charlie Rose" -- a half-hour interview with financier Wilbur Ross, who at one point calmly compressed some rather jarring realities. Foremost among their outcomes: 'Within five to ten years [the U.S.] could be a second-rate power.'"

Carpenter describes Ross' reasoning:

The US doesn't have an industrial policy.

The US doesn't have an energy policy.

The US doesn't have an efficient transportation policy.

The US does not invest enough money in R&D.

The US ranks 12th in the world re: college graduates (that's down from #1)

And soon, 90 percent of all engineers will be working in Asia--which Carpenter says means we should get set to "say goodbye" to US manufacturing.

Wow. Depressed yet?

But come on, let's look at the bright side!

The US still has something going for it--to everyone who says Americans (including PM Carpenter and Charlie Rose fans) watch too much television, you're WRONG.

Serbia leads the world in the number of hours its citizenry spends in front of the TV.

POSITION:  No positions in stocks mentioned.