Europe has far less flexibility in the workforce and a much higher % depending on a pension. It’s really the worker flexibility that has contributed to the US staying on top economically. We can adjust to what works and quickly get rid of what doesn’t without hurting the employees unduly. Therefore we can take more risk and more chances in our business startups.
As for reform, I would ask if the U.S. is better off with a less competitive E.U. Obviously, the real answer is no as the more efficient they are the more efficient the entire global economy will be, but sometime I just kinda want to root for the home team. 😉