China is not socialist, but it heavily controlled by central planners and is financially far better off, as a nation, then any "free market" nation like the US.
Starting squirming? 
First you talk about "much better standards of living", now it is "financially far better off, as a nation". So, what is it?Care to provide any figures? I can give you some: there are hundreds of millions of people living in poverty over there.
As to the problems of the US economy. It is quote the opposite: they arise (at least in part) from the obstacles in free market, not from the lack of them.
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Not sustainable? Based on what? Prove it. It's been sustaining just fine.
On the fact that sooner or later you run out of other people's money. Economically active people and businesses leave the country for jurisdictions with lower taxation (UK for example) being fed up with ever-growing number of welfare recipients. What kind of future does this country have?Want proof? Move over there and stay for 10-15 years and see for yourself
(although I personally think that Swedes are not stupid and will reform, actually they have been slowly doing it during recent years)Quote
No one cares about Greece.
How convenient. You care about socialist-ish countries that you consider successful but ignore those whose socialist policies took them down the drain.Quote
The US is the most free market nation in the world and we're also the furthest in the shitter. One case is proof of nothing.
The US will be fine although it will have to compete with China and others who move towards free market all the time therefore making their economy stronger