On the one hand I agree that we euro-weenies are likely to have unexpressed well-offness, by way of infrastructure, education, and healthcare. I would also observe that much of America (and the UK) GDP is defence exports and therefore unlikely to make anyone except console gamers actually happy trousered.
However, there are other points to keep in mind that may support ol' Zak.
- We have far less living space per person.
- Much of European industry is state protected and uncompetitive in real terms viz France, Spain, and Portugal.
- The less said about the Italian legal economy the better
- Our populations are ageing, and becoming less productive to a greater extent for teh simple reason taht we care for our elderly, and we live longer.
On the plus side, being a true federation we are more robust in the face of shocks and vicissitudes. i.e. his analysis assumes current trends, but ignores the potential for crashes, mishandling, etc.