01/12/2011 11:15 am ET Updated May 25, 2011

Is The iPhone Bad For The U.S. Economy?

've always assumed that the future of the American economy relies on its continued edge in innovation. Well-designed, high-tech products from smart, creative companies, like the iPhone from Apple, would ensure that the U.S. could compete with and stay ahead of China and India. Of course, that's still true. But a recent study by the Asian Development Bank Institute gives us a different, more sobering perspective on the role high-tech products are playing in the American economy.