I believe we are overworking ourselves, but worse, I believe we are overlooking the important parts of our lives. I believe the culprit is consumerism and the thought burned into our brains that we must buy and consume as much as possible. I think this idea leads to the notion that we need to work more and more. Look around your home, you don't need the majority of those things to lead a happy life.
Statistically, Americans work longer hours and take fewer vacations than many of their other developed counterparts. In many European countries, for example, the standard work week is between 5-15 hours less than that of typical 40 hour full time work week in America. Many European workers also have significantly more vacation available every year, and they take it. We are definitely overworking ourselves.