You've pretty much hit on a few major themes of what is wrong with the American economy right now.
Three broad things:
1. Companies have successfully externalized costs that they should be paying. This legislation is an example of that: companies that are large and profitable should pay to train the workers they want, instead of importing ready-trained (sometimes) workers for less pay. By making the education system the training ground for a highly industry specific field, big companies that need lots of technical people are pushing their costs out to third-parties, namely schools and people who pay for schools.
This is just one example. Huge companies are being built and disrupting industries, and much of it is built upon on labor, capital, and regulatory arbitrage. Uber is a good example - it is executing a strategy of regulatory arbitrage to undercut the traditional taxi business. Additionally, in the Uber example, you have massive cram-down of costs to smaller parties, like Uber drivers. A traditional taxi cab company will pay a huge operating expense to maintain and insure it's fleet. In the Uber model, that cost is pushed down to the driver, where this is enormous incentive to skimp or take risks. Every new disruptive thing that is happening is wringing not only excess (which is long-term economically good) but also decades or centuries of practice, tradition, and local law. The cost savings eventually must come from somewhere, and that somewhere is the middle class.
2. The distributed state model is good for trying out new policies, but eventually bad for business. Having a non-uniform employment and benefit market nationwide is a problem in the long-run. Also, businesses have persuaded the thousands of policy makers to create thousands, or tens-of-thousands, of small carves out, protections, etc that distort the market and create uneven and eventually economically harmful protectionists. Example, in New Jersey consumers can't pump their own gas. Nationwide, industries with good paying jobs are convincing state and local regulators to require specialty business licenses and operating requirements to prevent competition and sustain economic rent seeking activities that normally would be driven from the market. The ongoing failure to fix our national pension system, our healthcare payment and delivery system, and the failure to provide a rational basis for funding primary education has resulted in a hodge-podge of inefficient taxation and revenue collection models. Federal-level failures have created the high-cost, low-wage conundrum that you point out. The result is a labor market where the best jobs are being retained by the financially most stable and well-off cohort (the near-retirement boomers and their followers).
Basically, economic inefficiency is being codified and cemented instead of allowed to run it's course and be purged from the system. From over financialization of the economy, to corporate cost shifting, to environmental concerns - across the board, our nationwide policy making apparatus has been in paralysis for 30 very dynamic years, and it's not good.
3. The basic economics are getting out of whack. We are importing both legal and illegal a large number of foreign workers who are acting like a pressure relief value on economic development. By depressing wages and not-forming American-style, 2-parent/child households, consumption across the economy is being thrown out of whack. Despite jobs reports to the contrary, the US economy has not seen any quarters of real growth where economic activity expanded faster than new credit extension. Essentially, since the mid-1980's, every dollar of GDP expansion has come at the cost of a dollar or more of credit expansion. This is driving a growing demand gap that simply can't be papered over. Americans feel more insecure because they are poorer, which is an unusual thing for us to feel. We are not used to it. But the demand gap that been floating around in the system since 2007-2008 is getting worse, and each passing month it grows and grows. On top of that, Americans are declining, morally, into slothful and wasteful libertines, spending enomoursly on entertainment, dining, and housing far more than their relative wealth should be able to support.
The net result is that we are wasting a lot of American-labor capital, mis-allocating a dramatic share of our economic activity to things which do not increase the wealth or health of a nation, and starting to feel the effects of decades of credit-based expansion and monetary inflation.