> It's a meme about how even "developed" European countries significantly lag US across the board economically - things like employment rates, standard-of-living, wages, productivity, etc.

I really don't think standard of living lags from the US. Well, it depends on how you are defining standard of living I guess, if it's coming from a consumerist point-of-view I agree, for any other definition of standards of living I believe the US is quite poor compared to developed European nations.