They make the classic mistake of looking at America's deficit and thinking wow that is a huge number. And it is, but its smaller relative to our economy, then their defecits on average have been, compared to their own economy.
Of course I'm sure the top policy people in Europe understand that, just their spokespeople and politicians use the 'well at least we're not as bad as America' line. The average European doesn't get that you have to put these numbers in context... they just hear a gigantic number and think 'ooh it sucks to be them'.
Unfortunately it is not limited to just the average european. Our MSM has an easy time manipulating our home grown ignorami into thinking we have a huge problem.