Though that kind of economic model has worked before, it seems to only function with smaller populations and it also relies on an economy being able to locally make and gain the resources and items it needs.
There are also several resources which the US cannot produce domestically that it needs to function. One being, crude oil, the other being uranium come to mind readily, but not the only ones.
If the market closes in on itself, it looses competition, and becomes less powerful. As our insulated market continue, the purchasing power lessen, making it more difficult to procure the resources and items we need from foreign markets.
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On a side note; the world does depend on the USD. Its stilled consider the World Reserve Note, there are several other countries which have the USD has legal currency, and there would be various countries placed in greater economic stress if the purchasing powering of the US declined. There would be unknown recovery time for those countries.
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Also, this need for America to go back to being on a manufacturing economy is because the US is no longer the economic center of the world, as its been shifting for the last two decades. This, I think is overall a good thing. It makes the world market more competetive,