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Europe should learn to build better tech, and learn to pay their engineers what they're actually worth if they want to compete with the US that pays 3x or 5x more.I'm an European and I must say that's bullshit.
Yes, you can earn 3x to 5x more in Silicon Valley. Property prices are crazy expensive however, many people don't afford to live near their office, with crazy commute times being common, the schools there are either expensive and crazily competitive or poor, if you work on your own or in a startup it's pretty common to not have health insurance, in which case you can get fucked, plus your gun control is pretty broken and it's horrific to see kids shot in US schools all the time.
I live in Romania. I'm within 15 minutes of my office that I do by bike, I have both public and private health insurance for cheap (and in spite of popular opinion, Bucharest has some of the best trained medical personnel in the world), my earnings are well above the average which means that for me the cost of living is cheap, my 8 year old son goes to a good public school, I own my own apartment and we'll build a house in the future too and I freely travel to Berlin, Munich, London, Barcelona, Rome, etc. yearly for conferences and I can walk the streets of Bucharest without fear, gun-related murders and murder in general being almost unheard of.
People in Silicon Valley may be earning 5x, but the cost of living is 10x at least.
If anything, Silicon Valley is only attractive because all the cool companies are there. But you know what, due to the high competition, nowadays you've got plenty of companies hiring remotely or opening offices in Europe. I'm fine with that.