re: My concerns are short term
Good points all. I think the US has definite advantages over Western Europe in the long term.
And Yes, socialism kills economic innovation and activity.
On the surface, it would appear that the US has infinitly more raw materials and human resources than old Europe; however, new Europe could be Old Europe's savior.
When the US finally breaks its dependence on foreign sources of energy, then you will see the US trade deficits evaporate and reverse, but that too would have its costs. (Nothing is free)
Scott Evil