The other way around. The US is following Europe's footsteps on this.
This is an interesting article about the impact of unemployment on the American society. Being Italian, I know all too well what is going on:
- less opportunity for new generations coming into the job market
- increased risk aversion (once you get a job, you hold-on tight to it)
- less innovation in the economy because less young people are willing to take risks starting-up companies
- kids competing with their parents and sometimes with they grandparents in the job market
And I could go on and on describing what has been happening in Italy for the past 30 years, and for that matter, although to a lesser extent, to Europe.
My take is that these are only symptoms of the disease, the real cause is that society is aging fast and that technology is accelerating ...