While most Americans incomes have fallen since the 1970s, Swedes incomes have almost doubled. Sweden’s economic growth is almost double that of the US, and Sweden runs budget surpluses (compared to US deficits). The secret? High taxes, strong unions and a more equal distribution of wealth.
“Andersson, who lists health care and education, “regardless of how much you earn,” as key to running a successful economy, points to income redistribution as the shield that can keep populist shocks at bay.”
“The numbers are compelling. Sweden has one of the world’s highest tax burdens, with tax revenue about 43 percent of GDP, according to OECD data. The equivalent figure for the U.S. is about 26 percent. Sweden’s economy has grown almost twice as fast as America’s, expanding 3.1 percent last year, compared with 1.6 percent in the U.S.”
“Sweden has the highest labor force participation in the European Union. Andersson attributes this to tax-funded parental leave and affordable daycare, which make it easier for both parents to work.”
It’s almost as if policies that benefit all people live more dignified lives is a more effective path than ripping away our healthcare, education, and rights at the workplace for the benefit of the richest billionaires. Surprising!
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