Oh shit, socialism is melting down worldwide... it melts down everywhere eventually, Soviet Union, etc.. I know some moron that only watches MSNBC and hates Fox News, I told him that Socialism is in meltdown and he starts yelling at me that it's capitalism that is melting down!! There's no education for an idiot sometimes... Socialism has borrowed all the money possible and can't make the minimum payments so people are scrambling around trying to find what to cut and how to get more revenue...Yawn
That's weird... Scandinavian countries (e.g. Sweden and Norway), arguably the most socialist societies on the planet, are doing just fine. In fact, a lot better than most of the West. So it clearly can't be that simple...
I don't read Krugman. It is entertaining to see California fail though. There is alot of talk out here about "raising more revenue". Guess they aren't taking in enough tax receipts to pay for the leftist social programs and 500-million dollar highschools. They are being forced to cut their own socialist programs. Priceless.
How come we don't hear about that on Fox news or Rush or Hannity ? They also won't talk about all the countries that have national health care plans and somehow continue to function.
China is communist and is doing better than the US. Why? Because their leaders know how to run a country. We know for sure that Obama, the Democrats, and the unions do not know how to run a country.
https://www.cia.gov/library/publications/the-world-factbook/geos/sw.html "Sweden has achieved an enviable standard of living under a mixed system of high-tech capitalism and extensive welfare benefits." Unemployment rate:8.3% (2010 est.) country comparison to the world: 94 Public Debt: 40.8% of GDP (2010 est.) country comparison to the world: 69 Debt - external:$853.3 billion (30 June 2010) country comparison to the world: 16 Gini index: 23 (2005) country comparison to the world: 136 https://www.cia.gov/library/publications/the-world-factbook/geos/no.html "The Norwegian economy is a prosperous bastion of welfare capitalism, featuring a combination of free market activity and government intervention." Unemployment rate:3.6% (2010 est.) country comparison to the world: 30 Public debt:47.7% of GDP (2010 est.) country comparison to the world: 55 Debt - external:$2.232 trillion (30 June 2010) country comparison to the world: 8 Gini Index 25 (2008) country comparison to the world: 134 https://www.cia.gov/library/publications/the-world-factbook/geos/us.html Here in the US: Unemployment rate:9.7% (2010 est.) country comparison to the world: 107 Public debt:58.9% of GDP (2010 est.) country comparison to the world: 37 Debt - external: $13.98 trillion (30 June 2010) country comparison to the world: 1 Gini Index: 45 (2007) country comparison to the world: 40
Norway's economy is totally dependent on North Sea oil. I fail to see how they validates socialism. Sweden is a small country with a highly intelligent population, and none of the welfare, crime etc burden our own rich diversity provides us. They spend next to nothing on defense, free riding on NATO and the US.
The important thing is that it does not invalidate socialism. Thus, we are free to turn our attention to other factors, such as their society having something to bring to market, or their dependence on external inputs. Edit: all nations could be "free riding" on the rest, this is the nature of alliance. The US does not have to be the only or even chief member of a "security insurance group".
Your point re Norway is incorrect. The published statistics all refer to what they call the "mainland" economy, i.e. without taking oil revenues into account. Same applies to their budget deficits and policies that govern the said deficits. Norway looks good with or without oil. As to Sweden, that's precisely my point, innit? To say that it's all about "socialism"/"capitalism" is, yet again, trivializing the issue. Clearly, socialism can work, as demonstrated by specific examples. Not sure what your data might actually mean, Lucrum.
Its not right v left, stimulus v no stimulus or spend v not spend. There are no more people to loot from. Its the end game working out the last quarter in slow motion. Massive defaults to follow..click reset...over. <iframe title="YouTube video player" width="480" height="390" src="http://www.youtube.com/embed/QiZdY9rw-uo" frameborder="0" allowfullscreen></iframe>