It seems reasonable to believe that the US (and a number of other developed countries) will be undergoing a standard of living adjustment over the next 10-20 years. The adjustment will probably be effected through a combination of stagnant real incomes and faster relative growth outside the country. And, the impetus for change comes from the need to get the consumer's economic house in order and the general indebtedness of the economy. The deleveraging of the economy will manifest itself in many ways and in many areas, but there is a good chance that the USD will play a very pivotal role.
Stagnant to falling real incomes will be underpinned by relatively high unemployment and high underemployment, as it relates to productive overcapacity. It will also be interesting to see how quickly the private sector rightsizes itself to these realities. American management is ruthless, so this transition may happen more quickly than thought. The government is going in the opposite direction, and so will serve as a counterweight to the private sector's improvements.
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