Better times may be ahead, though. Higher wages in China — and other emerging nations — are now limiting the competitive advantage of those economies. And perhaps more important for Americans, as China reaches technological maturity, it is likely to shower innovations on consumers, creating a net gain for people in the United States.

China is already the major producer of solar panels and electric cars, for example. It is likely to contribute important innovations in consumer drones and driverless cars and in many other fields: The Chinese government is pouring immense resources into biotechnology, including new gene editing techniques. When it comes to mobile apps, messaging and electronic payments, China is arguably ahead of America. Imagine a future in which Chinese innovations benefit Americans just as the United States benefited Europe and vice versa.

This would mean more competition from China, of course, and lost jobs in some fields, but to simply focus on the negatives would be shortsighted. The reality is that innovators do not capture all or even most of the benefits they bring to the world. Once an idea emerges, its benefits begin to expand, and those benefits will surely spread to the United States.

What economists call skill-based technical change may also shift in a more egalitarian direction. The advent of information technology increased the value of workers and managers who could manipulate these new talents effectively, while smart software eliminated the jobs of many travel agents and paper-filing clerks. But consider a universe in which all it takes to work with a computer is to talk to it. That could lower the wages of technicians, while opening a new world where less skilled laborers could work with information technology effectively.

That new world is already emerging. Consider the Amazon Echo, a small stationary computer that responds to voice commands. It can play music, call a car service or build a shopping list. Imagine fully functional voice-activated computers created for the workplace as more people grow up with information technology at their fingertips.