Public Opinion: Each time you open a newspaper or turn on a TV, you'll hear how unhappy, glum and dissatisfied Americans are. Don't believe it. The U.S. is, to borrow a phrase, the happiest place on Earth...

For one thing, Americans are far richer than those in other countries. And yes, this matters. Contrary to popular belief, neither the Europeans nor the Japanese lead better lives than Americans.

A study a few years back by Sweden's Timbro think tank came to these startling conclusions: Virtually every nation in Europe lagged the U.S. in income. Indeed, if it were a state, the EU would rank 47th in per capita GDP -- on par with Mississippi and West Virginia.

Americans' homes have roughly twice the square footage per occupant as those in the EU, Americans own more appliances, and, on average, they spend about 77% more each year than Europeans.

U.S. household wealth climbed from $38.8 trillion in 2002 to $58.6 trillion in the third quarter of 2007, an unprecedented 51% surge in just five years. That includes the recent meltdown in home prices.

Economist Irwin Stelzer adds another reason why Americans are happy right now: a million new jobs over the last year, a milestone that is underpinning U.S. economic growth right now.