Doing only TWO things would bring manufacturing back to the United States.
1. END entitlements.
2. END the minimum wage.
While that would probably work, it would result in wages lower than the cost of living. Eventually we'd reach near parity with Chinese labor rates at which point the transportation costs would drive manufacturing back to the U.S.
However, that is a truly horrible solution. And one that is not necessary. We simply need to raise the import tariffs back up until we reach full employment. In fact, I think the tariffs should be tied to our unemployment rate.
Something along the lines of:
This would automatically raise the tariffs as U.S. unemployment went up. And it would automatically lower them as unemployment went down. And the make tariffs more expensive on high dollar items.
By the way, the political implications of what you suggest would doom any party that implemented it. Just the fear that Ryan would cut entitlements is probably why the GOP is about to lose to the most unpopular president ever.