We have the right to our national security...and the necessary industry that affords that. I suggest you look at this
link which shows how the foreign liberals are now reveling in our declining industry...and weakening military posture. And these are not advocates of free trade, or anything other than socialism. They are cheering against us. Please rethink where this policy you are supporting is really taking us. Our enemies are gloating already in anticipation of our national collapse.
As for your own proposed 'Turn-Around' policy prescription: No amount of wage-cutting or rule-eliminations you will get you down to the China-competitive level, nor would you want to go, to the 'pennies per hour' that China is charging for its slave labor.
I am really surprised the CATO-ites have not emigrated en mass to China to celebrate their pseudo pure capitalism.