Here's where your argument breaks down: technological advancements that make people's lives better now than they ever have been despite weaker purchasing power

Here's where your argument breaks down: technological advancements that make people's lives better now than they ever have been despite weaker purchasing power are made possible by the your so-called race to the bottom fueled by off-shoring. The reason even our poorest citizens are able to afford toilets that flush and cellular phones is because of off-shoring. And no, off-shoring isn't simply done to increase margins, although it does in the short term - it's done also to undercut competitors prices, which is exactly the kind of "race to the bottom" that makes lives so good for American consumers. And the best part? All those Chinese workers have jobs and aren't simply subsistence farming anymore. An increase in global productivity makes lives better for everyone, not just the ultra-rich.