If that were true Europe wouldn't keep lagging behind America the way it's been for the last 60 years. Europeans generally take the boring government and manufacturing jobs. In the entertainment and futuristic industries they lag miles behind.
Good truth is that hard boring work and high tax will make the crisis even worse. Europe needs to start adapting for the future and forget the old 20th century industries.
Historically, America has always attracted visionaries who don't care about higher authorities, so new, daring, and well, - entertaining ideas have always been valued more in America. It takes a vision to pack and sail across the Atlantic in the first place. In Europe it's been more like: Aha, you devise something, some new ideas you have, you must be plotting against the God, king, president, bishop, mayor. Burn them at the stake
I am slightly kidding, but there is some truth in it, in the sense that was how the starting points used to look like. And after the war, well, especially back then it was so visible.. if we compare the movies, for example the great Italian neorealism movies just after the WW2, great art, but so bleak, http://en.wikipedia.org/wiki/Italian_neorealism
, with this: http://en.wikipedia.org/wiki/Star_system_%28film%29
we see two entirely different worlds, and it's not about money.
Basically, Europe destroyed itself in the two world wars. The damage can be only partially repaired. It was easier to rebuild buildings, but the sense of limits and insecurity has remained, even after the collapse of the Berlin wall. That wall was a good picture of Europe, not just in terms of conflicting ideologies. Europeans are generally less flexible and less confident than Americans, and 60 year time is a short period in historical perspective.
Europe needs to start adapting for the future and forget the old 20th century industries.
There is a Serbian saying: If grandmother had balls, she wouldn't be a grandmother anymore.