The secret is simple. Our elections are paid for by taxation. Political parties are limited in time in terms of running, they are limited in what they can do while running. It makes it so those elected at least nominally are beholding to their constituents instead of corporations to get elected.The thing is what you call common sense is based on a wrong presupposition. Namely that a government bureaucracy is by definition worse than private sector bureaucracies. My government health care system for instance is considerably cheaper and more efficient than your fragmented for profit one.
Actually, in 2008 the entire banking sector went belly up in the US taking the rest of the world with them because there was insufficient regulation in regards to who was eligible for mortgages. I know for a fact that here there are strict regulations regarding issuing loans somethimg lile sub-prime mortgages would simply be illegal. Right of the bat how regulations can and do contribute to a sustainable business model.
In the US, the government is woefully less efficient than the private sector. That cannot be argued. The private sector in the US is the strongest in the world/ Maybe Europe's private sector is woeful as compared to the US thus the government is efficient in comparison. The US healthcare system is the best in the world in terms of quality. If you need life-saving, cutting edge treatments, the US is where you want to be. Don't be fooled. The main arguments against it mainly stem from lack of access and cost as compared to single-payer systems. I would argue that lack of access is grossly overestimated by the left who are pushing an agenda. Cost is most certainly overestimated as taxes in other countries are much higher. You pay one way or another. The US could stand for more competition to bring prices down, I don't deny that, however, the private sector is vastly more qualified to handle healthcare needs than the government. The US has the best chance to develop a COVID vaccine due to the private industries. Not sure what EU would do without our help frankly.
You need to do some research on the the 2008 crash. It was deregulation, but the impetus for this deregulation was a Democratic strategy employed in the name of "fairness" to give high risk loan applicants a better opportunity for home ownership. Just another bleeding heart left-wing policy with good intention but no forethought on the potential ramifications.
Is Europe much more efficient at spending tax revenue? To have people happy with paying their taxes tells me that it isn't being thrown down a rat hole. If their governments do spend more wisely, I'd love to hear the secret of what keeps them honest and not totally corrupt.