You can eliminate unions, regulations and the minimum wage, the simple fact of the matter is that American workers will never be competitive with emerging countries like China in price.
Where Americans can be competitive is in high end jobs that require specialized skill sets.
Not for long...with all the foreign kids attending American universities, how long will that last?
Maybe, maybe not.
But, without all the unnecessary costs of over regulation (I realize some is needed, but not all) costs of doing business would not be as high, thus meaning lower production costs, therefore meaning lower prices to the customer (whoever or whatever that entity is)