Don't worry - we'll be increasing energy prices and exporting our pollution to China, now that Obama has a new agreement to do just that. So we'll get even more unemployed to buy even more cheap crap from Walmart, and they can hire even more 29-hour-per-week part-timers that will live on food stamps and heavy subsidies from Obamacare.
So what would you prefer? Competing on price with Chinese labor, in which case those employed in manufacturing will also fall on food stamps and Walmart crap? Or perhaps you'd like to breath smog, like the Chinese are doing thanks to their lack of pollution controls?
Economy is going to stay in a death spiral as long as supply exceeds demand. And since demand depends on supply - closing a factory means less people who can afford anything, which leads to more factories closing, and so on - the only way to stop the spiral is to pay a greater proportion of earnings as wages. And the only way to do that without tragedy of the commons rising its ugly head is to force the issue through mandating a higher minimum wage. An unconditional citizen pay would be even better, since it would guarantee a cycle-independent baseline demand, but is unlikely to pass until the conomy completely crashes, which a modern nation is unlikely to survive.
Ultimately, we're seeing the effects of pre-industrial economic model being pushed beyond its limits. Free market is a fine tool for adjusting resource usage for optimal outcome, but labor is not just another resource due to the feedback effect it has to demand, and capitalism simply can't deal with a situation where it's no longer the resource that limits output. Our economy is dying due to being unable to cope with increased productivity. Oh the irony.