February 12, 2013
JUST ARGUING ABOUT PACE AND CREDIT:
If Only We Were Swedenizing (James Pethokoukis, February 11, 2013 , National Review)
Posted by Orrin Judd at February 12, 2013 9:49 PMAs The Economist points out, Scandinavia's socialist image is badly out of date. Sweden is the largest of the Nordics and perhaps the best example of their embrace of market capitalism. Over the past 20 years, Sweden's public spending has declined from three-quarters of GDP to just over half. Its corporate tax rate is half of America's, its annual deficit a rounding error of just 0.3 percent of GDP.Late last year, the pro-free-enterprise Legatum Institute published its annual Prosperity Index, ranking major national economies on eight "foundations" of success, including economic fundamentals, entrepreneurship and opportunity, and governance. The top three finishers were Norway, Denmark, and Sweden, with Finland in seventh. And the U.S.? It finished twelfth, outside of the top ten for the first time. Legatum's damning assessment: "[America's] biggest fall is in entrepreneurship and opportunity, which has declined eight places in the last four years. Businesses' start-up costs are rising in the land of pioneers and patents. Fewer Americans believe that working hard will get them ahead."