I recently read Anu Partanen's book "The Nordic Theory of Everything: In Search of a Better Life" that discusses a number of these factors and how they're different in her native country of Finland.
My thoughts on the matter, after living in the SF Bay Area for a decade, conclude that for the average person and those that have limited earning potential, Western European or Scandinavian countries can offer a better life to those people, on average.
If you have a high earning potential, then the US is a great place to grow your wealth, pay for your children's expensive education and purchase all the consumerist-centric things your family desires, at a fairly low price.
I thought that was widely understood as a contributing factor, yes.
other contributing factors: poor minimum wage laws, at will employment, lack of regulation around housing. health system problems I put in the social safety net category.
These things mean that there is more of a chance that something goes wrong, and you need the social safety net, which isn't there.