If we lower wages to compete with the rest of the world we are going to have riots. Americans could never be made to live like that, you'd have a Marxist revolution.
The better option is to force our trading partners to raise their wages.
The cost of goods will skyrocket and people will have to deal with that. I could care less, anyone who would rather have cheep goods at the cost of slave labor than goods made by paid workers deserves to be sent to a labor camp and forced to make shoes for the rest of his or her life for 5 cents a day in 95 degree moldy rat infested conditions without clean water or plumbing.