No, the root cause is _not_ competition from all over the world. What is the root cause is the USA not winning in the competition. The competition is not that strong - they are using manual labor for a lot of things and paying their workers peanuts to do it. They're in poverty, and forcing us into poverty.
But how can that do that? I mean, there are things like shipping costs and other things like tariffs, which we don't have any of. Oh, THEY have tariffs against our goods, but we don't tariff anything because of a political mindset of the elite in both the Democratic party and the Republican party, that are BOTH taking bribes from the big businessmen that want this particular status quo. IOW, our politicians betray us and US prosperity daily.
So, they fail to make good trade deals, and they hike taxes to nearly 40%, which are the highest corporate taxes on the planet. Our industries flee the taxes, not our labor rates, and open factories overseas.
So, want to fix it? Pass the Fair Tax. The Fair Tax totally, 100% untaxes American business. Bill Archer, former head of the House Ways and Means Committee, commissioned a survey of 500 foreign CEOs, asking what they would do if the USA passed the Fair Tax. 400 of them said they would build their next factory in the USA, while the remaining 100 said they would move their headquarters here.
Without an income tax, the US economy would soar. Estimates put 1st-year GDP rise of 10.5%. The Fair Tax completely untaxes the poor (who at present send 15.3% of their wages to Washington for the payroll taxes to support social security and Medicare, and it still isn't enough because there are so few working). The Fair Tax abolishes all the income taxes, and 100% kills the IRS dead forever, and collects taxes on new items sold at retail (except the poor escape paying these taxes via a "prebate" that the gov't sends them to pay all the Fair Tax on the items they buy up the the value of the poverty level for their family size - bigger families get bigger prebates.)
Fix this economy overnight - pass the Fair Tax.