It really matters which state you look at. Wealth inequality, gdp per capita, and median wage are all better in several eu members than in the US, and that still holds if you factor in housing and cpi in general. There are other states where that is really not the case. Its mostly the Scandinavian countries outperforming the us on these metrics and they are relatively low population in comparison so its kind of an odd one to make. If the goal is total gdp, who cares about the median wage, then the us/china plan does make more sense, but neither of those plans work without the other existing and cooperating.