This debate sounds like "My parents are better than yours.." kind of debate. True US is the richer than India and has hell lots of money but it does not have the spirituality and relationship value of Indian culture. Their way of life suits them best, but would crash our system. After all money is useless if you don't have human bonds, which is often missing in US (highest suicide rates, depression, etc.)
And we are talking of US which got independence 200 years ago compared to 50 of India, do you know what US was like 150 years back? There was rampant slavery, it was legal to lynch blacks, people used to kill each other during California Gold rush, utter chaos. Compared to it India is much better. Its depressing when you see the state of India today but still its India and its definitely going ahead.
By the way US way of life definitely isn't the best, they have realized it and trying reforms (conservatives). While India has a culture evolved over 10000 years but the wrong is on the adoption of British laws, outdated post Mughal traditions. Read Kautilya's Arthashashtra, the Vedas and you'll see what India was like then. India was much liberal, open minded than it is today.....today's moral police should read them before jumping on hoops on colonial Victorian version of 'Indian Morality'