The problems are security, sovereignty and economic stagnation. Being dependent on super powers and vulnerable to their whims is not good. Weak supply chains are not good. Neither are worsening standards of living.

You are proving the point. The avg. person gets an enormous benefit from it, even in countries like USA, Japan or Korea with far less generous welfare. The gap in standards of living of somebody in the US and somebody in Georgia or Vietnam are ridiculous.

In Europe, innovation in the end help everyone. Better healthcare starts with the rich, and ends distributed to everyone. The same is true for everything else.