Like many American commentators, you underestimate the size and strength of the US manufacturing base which, despite 40 years of deinsdustrialization policy, remains enormous and quite deep. And you underestimate the weakness of European manufacturing - which is hollowing out rapidly due the same outsourcing and labor cost minimizing idiocy that has damaged the US economy. But it is not at all clear to me that Europe is "making things". Boeing is not really worse than Airbus. Alcatel/Lucent is a common disaster zone. GE still makes excellent turbines in the US and even GMs spun off locomotive business is still doing well.