Then how would be double our exports? No devaluation of the dollar against Chinas currency will make it impossible to increase our exports.
You go bankrupt by overspending...not because you make less. People would lose alot of luxuries they are used to is all. Cable, internet, eatting at fast food whenever you want. The only people that go bankrupt would be the people that kept spending on things they cant afford. Heck, Chinas citizens are not bankrupt. Why would we go bankrupt if we made the same as them? Maybe what you meant was that the gap between the rich and the poor would get huge and there would be no more middle class.