you're both woefully misinformed about Europe. They have a great social safety net AND they save. A good deal more than Americans, maybe not as much as Asians. It's pretty much only in the US where you see people chant "LBYM" like it's some kind of mantra. In the rest of the world, that's the norm. No maxed out credit cards, no home buying with zero money down. The mistake most Americans make is that they look on social security as their primary source of retirement income. It was never meant to be that, but only a supplement. Social Security is in no danger of going under; that's just another right wing canard. I think we should settle the question once and for all--eliminate the payroll tax cap and raise the retirement age two years. Bingo, problem solved.
Actually, I would say that it depends on what country you live in in Europe - yes, they have a generous 'safety net,' but they sacrifice other things for that. Also, the recent Greek issues are not going to borne by the Greeks, but the Germans..who are not amused by that. Portugal just had their bond rating downgraded to AA-. There is speculation that Spain and Italy may not be far behind. Also, none of these countries meet their NATO defense spending commitments, which allows funds to be diverted toward the social net.
As for Social Security - your suggestion is one way that it could become solvent, however, there are other ways available, too. To me it's not necessarily only a political issue, but a fiscal/financial one.
Additionally, I find it weird to make comparisons of the US with a European country when a European country is in many ways the size of a US state in terms of population and governance - a comparison to the EU is more appropos.
Lastly, I actually do see a LBYM mentality in Europe..perhaps it is due to my current living location of Schwabia, which has a reputation for being skinflinty in Germany. However, I just don't see the conspicuous consumption I see in the US - perhaps the 19% VAT tax has something to do with that - I don't buy too much on the economy around here anymore with the EU-$ rate and the VAT - ~20% of the price being a tax borne by the consumer. Tends to cut down extra buying---oh, and I also see a lot of stuff made in China around here, too.