It does seem to be about Europe, that is, our condition as a nation. But, it is not about the economy of Europe; it is about the European model. The model of Europe is a welfare state that is unsustainable, and has left the continent in a state of decay, or worse.
While the European economy is consuming itself; it is only a symptom of the broader cultural disintegration. Among the cultural downgrades is the rise of a very secular union. Faith, other than the Islamic, and remnants of Catholicism in some areas, is noticeably silent in Europe. The absence of faith has corollary effects such as; hope and a bright future outlook, wiliness to sacrifice, and commitment to hard work. All ingredients to a virile state. Nowhere does the cultural changes show up as much as the low birth rates of the continent.
We are starting to resemble Europe, and also in a state of decay. We are only a step or two behind. We have expanded our welfare state through both Democrat and Republican administrations for about four decades. Each four years the politicians produce more largess, that further expands and adds layers to our welfare state. We have come to expect more entitlements. We have whole constituencies that defend their “rights” to the good life that their neighbor enjoys.
There are components to our general malaise, that is not common throughout Europe. Likewise, our society is not near as secular as the European continent. That could well be what is keeping us afloat. Yet, it is our likeness to Europe that is scary. Europe is a mature dependency state, that is now crumbling before our eyes. We are a four-decade old growing dependency state.