Then you have the altogether different question of how "excluded" the unemployed are in both systems:

• in terms of living standards (certainly better in Europe)
  
• in terms of personal well-being and social standing (not sure)
  
• in terms of being able to find another job (likely better in the US, where long term unemployment does seem to be much less)

Who is unhappier - someone who has to struggle with one - or more - low paying job(s) to make ends meet, or someone who has no job. The perceived malaise in continental Europe suggests that it is the latter, but it's hard to know if that's what the actual workers/unemployed think or if the "common wisdom" of the times about the respective systems that has taken hold and spread around?

In the long run, we're all dead. John Maynard Keynes