With 54 percent of India under the age of 25 -- that's 555 million people -- six out of 10 Indian households have at least one zippie. And a growing slice of them will be able to do your white-collar job as well as you for a fraction of the pay.

As long as America maintains its ability to do cutting-edge innovation, the long run should be fine. But this particular short run could be a real bear.