No, the bottom line is that the US no longer has the same economic power it did 20 and 30 years ago.
You can try to argue the horrors of sweatshops (and I totally agree they're abhorrent), but we are so far at the other end of the spectrum that it is ridiculous. When you look at all the overhead costs of running a business (Social Security, unemployment taxes, Medicare, health coverage, retirement, local/state/federal laws), most of which apply regardless if you're a union or non-union shop, and the end result is that the US can't compete with foreign manufacturing. Some people will always pay more for quality and/or "Made in USA", but the simple truth is that most people don't.
When you have a nanny state like what we now have, you wind up failing to compete against places like Taiwan, Russia, Korea, Nigeria, China, Peru, Indonesia, Malaysia, Ukraine, Colombia, India, Sri Lanka, Lithuania, Albania, or any of another 30 or 40 countries with decent manufacturing capabilities...
You can blame the greedy politicians, executives, bankers, etc. for some of it, but they're not the ones clamoring for "Always Low Prices!", nor are they the ones who championed things like NAFTA...
It may sound like a cliche, but for better or worse, the world has changed significantly from the days of the Cold War....