The US economy is the driver of the world economy, and has been for quite some time and it's why we see so much innovation of entire new sectors in the US. (Yes, you can see sustained higher growth for a time in some other places, like China, because starting from a lower level allows for piggybacking in the same way the US economy grew with regard to Europe in the 19th century.)

The reason mature European economies do not come close to entrepreneurship and the rate of innovation in the US economy is because widespread govt regulation and taxes across the board stifles economic options for investors.

It is simply not true that housing and employment laws in other places "works great", it's a tradeoff, and if the US follows that path the world will become a less good place for everybody because Europe and Asia will no longer have an innovative capitalist petri dish to follow and leverage from.