I know for a fact that the customer service sector is migrating back to the US, specifically because of the reasons I already laid out.
Really? Because the last half-dozen times I've had to call support (both internally and as an external customer), that wasn't Kansas I was talking to. At HP, our payroll support line goes to Mexico, our technical support line goes to India, and I believe my org unit's HR support line goes to somewhere in eastern Europe. I know for a fact that IBM shipped the vast bulk of their internal desks to Brazil and Mumbai. External desks may be slowly trickling back, but corporate internal desks for the Fortune 500 are overwhelmingly offshored now, because hey...what are the employees going to do about it? F**k 'em if they don't like it.
Yes, the pension plan days are over. Federal or private. Personal responsibility for one's finances need to become part of the culture again.
Because taking a job with a blue-chip thirty years ago BECAUSE they promised a good pension and actually expecting them to live up to their word was totally irresponsible.

By the same logic, investing my money with a bank is irresponsible because the bank could always sink my money into subprime mortgages and then collapse.
Take away the price floor? I'd call it the employability sub-basement, and answer YES PLEASE. The labor market would adjust wages and businesses will adjust prices to what it should be within a few months and we'll be able to get the economic engine moving again with people returning to productivity. Its a damned sight better than extending unemployment benefits to two years.
Oh hey look, your last paragraph admits your third was a non-issue. Cool beans.
No, my last paragraph was pointing out that your "price shock" scenario of rapid deflation in wages and prices WON'T WORK. Not to mention the havoc it would wreak on the fiscal system. Hey, you had a $80,000 student loan to pay off? Guess what? Now instead of paying it off in 10-15 years, you'll die owing money. Now, it's a goldmine for anybody who is actually debt-free and laden with liquid cash. $50,000 in the bank suddenly goes a lot farther if all wages and prices take a steep plummet. Gee, which class of society tends to have a lot of cash reserves and which class tends to have a lot of debt relative to income?
You need a time machine so you can go live in the 1920's with Vanderbilt and Carnegie.