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Much of the impact hinges on which side of the trade balance you're on. The U.S. isn't in great shape and is underperforming on the most significant current trends.
As demands for energy and construction spike (e.g. in China and India), so do resource prices, especially when you factor in every growth-related product. Anyone who has been invested in steel, oil & gas, fertilizer, and uranium for the past couple of years are making a killing and will be for some time to come.
Considering America's astounding natural resource import/export deficit, they aren't just missing out on economic gains, they're paying inflated prices for the same resources. The difference is that China and India are able to post trade surpluses through the support of other industries... this is something that is of grave concern to the U.S., and rightly so.
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Knowing that death is certain and that the time of death is uncertain, what's the most important thing?
—Bhikkhuni Pema Chödrön
Humankind cannot bear very much reality.
—From "Burnt Norton," Four Quartets (1936), T. S. Eliot
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