"structurally never going to improve" seems to overstate things. Working standards in India and China will eventually improve (China is already pricing itself out of the clothing market). The era of cheap overseas labor will eventually dry up.

I think the bigger problem is that you couldn't invest in such businesses even if you wanted to. Nobody is even bothering to start them. The US still has a lot of advantages - a looser regulatory environment than Europe, less subject to the whims of politics than China/Russia, the best research institutions in the world, and essentially infinite dollars. But all this is to produce a managerial elite that decides it's cheaper to just print money and buy stuff elsewhere.