How do you prefer to be adressed?^ As a caucasion american, or european american?
Caucasian is just another term for white, and European-American would put every single white person into one category. And actually, some Mexicans and South Americans are white as fuck, so it would be incorrect to call every white person a "European American". I personally would take offense to that...because I'm far different than say, a German-American. That would be like calling a Jamaican "African-American"...when the dude isn't African.
In any case, I like to be called Italian-American or Irish-American. I don't like being called AMERICAN, because the only group of people that TRULY hold that title are the natives. And actually, America was named after an Italian cat named Amerigo Vespucci...so the Natives were identified by tribe before that was fucked up by Europeans.
America is a melting pot, so when describing somebody that is born here, we label them with their ethnic origin, and where they are from. It's not racist, it's people keeping their identities. It keeps us diverse.