In the EU, most people don't pay health insurance, don't worry about being left homeless, pay exactly what the price of lunch is (no tipping) enjoy their lives without feeling like they need to constantly work, work, work. Oh and there's a distinct lack of guns everywhere.
OTOH, the US innovates better but the cost is the US debt which is like 95% of GDP compared to 86% of GDP for the EU.
The US debt was a lot lower than the EU until 2008 when US politicians found out they could fund almost anything by pushing the debt into the future.
I am always flabbergasted when peeps in the US think they have a better standard of living.