Nike cannot survive if they actually have to use American workers instead of chink slaves. People will look for something that will last as prices go up, especially after this stimulus bill ratchets up the inflation. If they are allowed to fail, then someone who meets the new demand will appear to make that money. If allowed.
More likely the government will continue to prop up large mega-corps while keeping real competition from happening. All on your dime. So, after that, then your scenario of continuously cheaper, shittier, and more expensive products will come to pass. And then nobody can afford the products anymore and the government collapses as millions starve.