Simply incorrect. The market doesn't want that, you don't want. You, and most others, want a $99 drill. A $99 drill doesn't support your fantasy wages.
You can't tell me those couldn't be made in the USA at a premium of $49 per unit. You could literally pay $50/hr, produce only one unit per hour, and still come out even.
The outsourcing arguments are lazy and outdated. Companies screwed up outsourcing it all, and the US is unable to regain its foothold. Labor costs are negligible here, even if US were twice the price.