Subject: Re: Witnessing the end of Europe's welfare state_
Yep.
https://www.politico.eu/articl...
France downgraded by S&P as budget uncertainty ‘remains elevated’
The ratings cut comes after French Prime Minister Sebastien Lecornu committed to suspend an unpopular law that raised the retirement age.
Likely Germany rating cut will soon follow.

I would go further and say the EU as a economic force is on the decline as well as high energy costs leads to production cuts and factory closure and reduced industrial plant partially due to increase international competition.

https://www.ft.com/content/d0d...
Europe is the biggest loser in US-China rare earth wars
Its dual dependence on America’s digital services and Beijing’s critical mineral processing industry leaves it highly vulnerable

Also The US-EU trade deal was brutal upon the Europe's economy with the a 15% tariff on most European exports while also committing to massive purchases of American energy, chips, and military equipment.

Combine the above with Europe demographic issue

Apparently the US has read the tea leaves and while not cutting Europe loose; but is deemphasizing the strategic importance of Europe. Our eyes are turning increasing toward Asia and the Pacific.