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A lot of Americans think Europe is some sort of economic basket case. The reality is a number of Euro states are now wealthier then America per capita in real terms.

They have more socialism, but some have well ran government programs. I’d rather see my healthcare dollars go to a doctor or nurse who was working for the government.. then to a mega-millionaire trial lawyer.

Another example is education. America and Europe have socialized education. Yet I believe every Euro nation scores above America in math and sciences. Some well beyond. I’ve read the long report on the oecd rankings in math and science. America came 29th. That matters in today’s ultra competitive world having a highly skilled workforce into the future.

The reality is a number of Euro states are now wealthier then America per capita in real terms.

You're talking nations barely the size of American states, and some no larger than most American metropolitan areas. The greatest dynamic in the creation of wealth is the power of competition and its destructive creativity. American wealth cannot be measured by averaging GDP per capita. That's more useful only in places with redistributive economies and where there is, supposedly, no poverty.

A far better way to understand the power of the American economy is the measure it absent those who don't participate in the economy. Take out the so-called 12% of Americans designated in poverty (30 million: measurements of American poverty are problematic at best) and the U.S. per capital GDP rises $10-$15,000, thereby pushing $50-$60,000. Even with the full population included, for a nation of this size there's no comparison to be made, anywhere.

Below is a good explanation of the core difference between the U.S. and European economies. And remember, this is all true give the far from perfect state of American politics and economic policy. Our successes are despite leftwing efforts to ruin the economy by europeanizing it.

From Cato:

Rethinking the Company We Keep by Arnold Kling

[excerpt]
....Edmund Phelps is the 2006 winner of the Nobel Prize in economics. Shortly after his award was announced, Phelps published an essay on how capitalism in the United States differs from the system in continental Europe. Phelps wrote:

"There are two economic systems in the West. Several nations – including the U.S., Canada and the United Kingdom – have a private-ownership system marked by great openness to the implementation of new commercial ideas coming from entrepreneurs, and by a pluralism of views among the financiers who select the ideas to nurture by providing the capital and incentives necessary for their development. Although much innovation comes from established companies, as in pharmaceuticals, much comes from start-ups, particularly the most novel innovations."

The other system – in Western Europe – though also based on private ownership, has been modified by the introduction of institutions aimed at protecting the interests of "stakeholders" and "social partners." The system's institutions include big employer confederations, big unions and monopolistic banks.

In continental Europe, large banks control the bulk of investment. The United States has a more vibrant stock market, many more banks, venture-capital firms and other financial channels.

In continental Europe, large established firms have access to funds from the large banks, but newer enterprises have a much more difficult time raising money. In the United States, the more competitive financial system gives more opportunity for entrepreneurs to raise start-up capital. In continental Europe, labor market regulations serve to keep small businesses small and to ossify the work forces at larger companies. In the United States, it is much easier for new businesses to expand and for old businesses to shed unnecessary workers.

European government policies sacrifice economic dynamism to other goals....

Continental Europe is set up to preserve large public sectors, large banks, and large corporations. For individuals, the promise is stable jobs, a stable business environment, and collective sharing of the costs of unemployment, retirement, and health care. For the economy as a whole, however, the result is stagnation, inefficiency, and a burden on the working population to support the unproductive sector that is becoming increasingly unsustainable.

Over time, Europeans with entrepreneurial inclinations will be increasingly tempted to emigrate to the United States or other English-speaking countries. Among the remaining Europeans, political support for welfare-state policies will solidify, even as the economic viability of those policies slips further.

And remember this: by its competitive presence alone the American economcy lifts the rest. Were the U.S. to follow the European model, Europe would collapse. The U.S. creates and accounts for a significant part of European wealth.