Guess you might not have been around when 'made in Japan' was cheap trash. Try to find some electronics that isn't these days. Right now it's the same thing all over again. It's cheap and its not so good, but people buy it cause it's cheap. Later it will get good. Find a TV, Stereo, Camera etc. made in USA anymore - don't happen. Not saying it's right, but it's a fact that people will buy the least expensive stuff they can.
Never mind TVs, try to find a T-shirt made in America(north that is).
I, too, remember the 'made in Japan" joke from the mid-50's. They have obviously moved past that, and now China is also evolving from cheap consumables to quality items and high tech products.
Our country has already lost the heavy manufacturing war to this overseas facilities, where our own companies have shifted their operations there to take advantage of the cheap labor and lower restrictions.
Sad to say that the ChiComs are more "business-friendly" than we are....
The real concern that I see is the flow of high-tech production out of the US to China. Even Japan outsources these aspects of their production now.
I see it in my son's bicycle business, which sells everything from $200. beach cruisers to $10,000+ custom road, triathlon, and mountain bikes. Almost everything comes from China these days, not just the cheap bikes that you see at WalMart or Target, but also almost all of those cool carbon fiber framed bikes that you see in the Tour de France.
Manufacturers have constructed high-tech facilities in China (and other countries in the Pacific rim), trained workers to do the complex jobs to build these frames and various components. In general, the quality is superb on these high-end products.
To buy "made in the USA" bike, one would need to buy a custom frame, wheels, and components from the number of "boutique" manufacturers in the US, and then probably still need to compromise on some of the components, going to a European maker for some parts (even the Euros go to China for some of their production). The quality is great and the cost is significant.
BTW, don't be fooled by formally US brands, such as Schwinn, etc., as the names have been purchased by foreign manufacturers. Even Trek, who pushes "made in USA", uses mostly Japanese/Chinese components on almost all of their products.
As mentioned in the quote, we already should know that almost all consumer electronics are also assembled in China, even mid and high end products branded by Japanese companies.
The future is a major concern, as we become more and more a country of consumers and not producers. Our last stand is our unique creativity and our innovative nature that drives all of the products that we see today. If that ends up somehow farmed out as well, we've had it.