Re your “it would drive cost up to consumers across the board to everything” The opposite of driving costs down with imports after 1970. No pain no gain to reverse and break that bad cheaper import habit.
Re your…”the young wanting socialism will make things worse” Goldilocks, I like that you are a thinker, and wish you lived near by, but socialism came here a long time ago. And we are WATCHING the slow motion failure of global socialism before our very eyes. That’s why we have all the problems you described. Socialism failing. There is no capitalism here anymore.
Hopefully the system will totally crash, and that may be unfolding, and after that a return to capitalism will be the ONLY option. All of us that bought imported products gleefully contributed to global socialism.