An alternate way to look at this is that the economy and society of the USA is failing its own citizens by either giving them an inadequate education or not providing them opportunities to succeed. And your proposal is to simply write everyone who's already here off, declare them to be rejects, and import new people over the top of them to be worker bees for the elite.
I can say that I'm not really personally concerned with how many billionaires we have in the US, or how many multinational corporations are headquartered here. I'd be fine if that all went to China, so long as the USA stayed the land of fairness and justice.