Europe only developed this way because of the immense ideological and moral pull the Soviet Union had over the populace. Capital and the ruling classes feared

Europe only developed this way because of the immense ideological and moral pull the Soviet Union had over the populace. Capital and the ruling classes feared revolutionary intent so much that they had no other choice than to give in and give people a good quality of life to try and stymie it. It's the Otto von Bismarck state welfare tactic. Now that it's gone and revolutionary ideas have basically all but completely disappeared (China does not and probably will never have the same standing the Soviets did), they don't have to keep the façade up anymore. This is why everything has been decaying. Sooner or later all the 'advantages' and 'benefits' Europe has will wither away into nothingness.