July 10, 2012
The Norwegian 'Miracle'
Liberals love Norway (for example, see this). First, it is a European country. Second, it is a liberal country; it gives out the Nobel Peace Prize. Third, it is considered a welfare state, maybe even a socialist one. In 2011 its tax revenues were 57% of its GDP, the highest of all advanced economies. And fourth, and what liberals really love about it, it beats the U.S. in multiple economic categories. In fact, Norway is one of the richest countries around. Its GDP per capita was 10% more than the U.S.'s in 2011. Its net government debt was a negative 168% of GDP. That is, it is one of the few countries with no net debt at all, but instead a huge surplus. (By the way, I find the following amusing. In 2011 Greece's net government debt was equivalent to about $430 billion. Norway's surplus was about $745B. If Norway would simply take about half of its surplus and hand it to Greece, Greece would be completely bailed...(Read Full Article)