Graph of the Day for July 7, 2010

"The Obama administration has been racing to transform the U.S. into a copy of the European social-welfare system, while at the same time those countries are being forced to come to grips with the failure of that welfare state.  Greece, Hungry and Portugal have received the most news media attention as their growing debt has threatened the viability of the euro.  But all across the European Union, countries are discovering that they can no longer afford the massive cost of providing cradle-to-grave government benefits."  Michael D. Tanner, in USA Today, June 30, 2010.

Data source:  US Statistical Abstract, Table 1324.

Hoven's Index for July 7, 2010

Total government spending as a percent of GDP, in 2008:

Switzerland:  32.6%

Slovakia:  33.9%

Australia:  33.7%

US:  38.6%

Canada:  39.6%

Ireland:  39.6%

Luxembourg:  39.2%

OECD average in 2007:  40.4%

Source:  US Statistical Abstract, Table 1324.

Graph of the Day Archive.