By 2035, Americans won't have a 2010 American standard of living. There will be a reality check in the coming decades that America must have more real industry and that internet business and entertainment are not going to keep us in a dominant position in the world forever. The whole world doesn't need to come up to the 2010 American standard of living to mess up the balance, it will be enough of a disaster if even a large percentage of China and India elevate to that level. American diet and hunger for an endless supply of cheap disposable consumer crap is not sustainable on a global scale. Products need to become more expensive in the U.S. and the useful life of the things we buy must increase.
That...is also pretty well completely true. I'm not sure I completely agree with your conclusion (stated in the first sentence), but the argument you make is one I've made myself on numerous occasions.
But while, in the short run, the loss of China and India as endless sources of dirt-cheap consumer goods will be deeply disruptive to the American economy, and cause quite a lot of pain, in the long run, I believe it will be a very good thing. Once we can no longer hide the true cost of the things we consume, the Walmarts of the world will no longer be able to run everybody else out of business nearly as easily.