This has actually been going on for a lot longer than just under Obozo.
Think about the big cities around you... when was the last time you saw them put up a new factory, major manufacturing operation, etc.?
For most cities, those were buildings that got turned into lofts or gutted.
That began in the 60's-70's - it takes a long time for it all to go away.
We would need to radically re-wire our society, especially the rules for the economy, regulation and unionization, not to mention our education system.
I am not sure if it can be done.
We are probably heading for hyperinflation and war - history has given us plenty of precedents - 900 or so years worth. Obama has only put us on the fast track to the endgame.
meh.......the more things change, the more they remain the same.