Here’s Joel Kotkin:
Since the ’70s, America has created 57 million new jobs, compared with just four million in Europe (with most of those jobs in government). In France and much of Western Europe, the economic system is weighted toward the already employed (the overwhelming majority native-born whites) and the growing mass of retirees. Those ensconced in state and corporate employment enjoy short weeks, early and well-funded retirement and first dibs on the public purse. So although the retirement of large numbers of workers should be opening up new job opportunities, unemployment among the young has been rising: In France, joblessness among workers in their 20s exceeds 20%, twice the overall national rate. In immigrant banlieues, where the population is much younger, average unemployment reaches 40%, and higher among the young. To make matters worse, the elaborate French welfare state–government spending accounts for roughly half of GDP compared with 36% in the U.S.–also forces high tax burdens on younger workers lucky enough to have a job, largely to pay for an escalating number of pensioners and benefit recipients. In this system, the incentives are to take it easy, live well and then retire. The bloat of privileged aging blocks out opportunity for the young. … The contrast with America’s immigrants, including those from developing countries, could not be more dramatic, both in geographic and economic terms. The U.S. still faces great problems with a portion of blacks and American Indians. But for the most part immigrants, white and nonwhite, have been making considerable progress. Particularly telling, immigrant business ownership has been surging far faster than among native-born Americans. Ironically, some of the highest rates for ethnic entrepreneurship in the U.S. belong to Muslim immigrants, along with Russians, Indians, Israelis and Koreans.
Whole article here.