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Politics : View from the Center and Left
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To: JohnM who wrote (172268)9/19/2011 1:12:20 PM
From: Steve Lokness  Read Replies (1) of 542509
 
John, I wanted to comment on Europe separately;

<<<<<In Europe, troubled nations like Greece and Ireland have imposed savage cuts, even as stronger nations have imposed milder austerity programs of their own.>>>>>>

I am in a class that has been looking at the Norwegian economy and how they see economics differently. You would like Norway as they are very socialistic leaning. They really have safety nets. But they have something else that isn't so obvious. They have a different way of looking at the economy. They think you should have money first and then borrow from that. IOW's don't go into debt. Now I know that Norway has lots of oil and that doesn't hurt, but they only spend 4% of their total oil profits on their country. The rest goes into a savings account!!! Norway still has high taxes even though they have high oil revenue. Can you imagine doing that here? We instead borrow money to go after the oil, spend all the profits immediately and wonder why there is a money problem when oil gets tight. (insert Wharfs thinking here).

Reckless borrowing has seldom if ever been healthy for an economy in the long run - whereas fiscal conservative spending countries have suffered the least when harsh times come..........Greece is on the one extreme - Norway is on the other.
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