Speaking as someone who has lived in both the US and Europe, doing the same job for the same company no less, I can say the cost of living here (US) is considerably less than in the UK. Gas is (less than) half the price, eating out is half the price, technology is significantly cheaper, real estate is cheaper, cars are cheaper, tax is less. The US is certainly hurting right now, but a lot of what I see is due to people assuming things would stay affordable and building unsustainable lifestyles. Giant houses with inefficient A/C, too many cars, not enough public transport, living too far from their work, etc etc. It'll be a painful adjustment but it'll work out in the end :)
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