I am not a fan of unbridled capitalism a la the USA and fully agree that more countries should strive to reach European levels of worker and civil rights... however, there is validity to the statement that Europe is currently coasting along on the spoils of centuries of loot and plunder. A lavish, comfortable lifestyle was handed to the citizens of western europe and many of their older firms have struggled to innovate as technology has spread across the globe. There is a good reason why a fast moving industry like tech has taken root in the US while Europe as a whole is playing catch up.
The US will solve its problems, i have full faith in that country's ability to rise to the challenge as they have done numerous times in the past. Europe's problems with tech innovation run deep and go beyond simply vacation days and worker rights. Look no further than the current spree of tech regulation. I wish more countries did that but there is a fundamental problem - the EU is trying to legislate without having a good alternative.
My prediction - If the US resolves its immigration system and allows more talent to flow in without having to worry about a visa, European skilled immigration is toast.