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Norway isn't even really spending it's oil money, so this entire comparison is entirely invalid. Norway puts 100% of the oil revenue in a trust fund and takes o
by mfoy_ 10y ago
Norway isn't even really spending it's oil money, so this entire comparison is entirely invalid. Norway puts 100% of the oil revenue in a trust fund and takes out no more than 4% per year.
Think again on the similar GDP Per Capita rankings, and review this: https://stats.oecd.org/Index.aspx?DataSetCode=SOCX_AGG https://stats.oecd.org/Index.aspx?DataSetCode=SOCX_AGG
Norway only spends about 22% of it's GDP on Social Benefits. The U.S. spends 19.2%. Breaking that down into dollars does tell a different story: Norway spends about 50% more on social benefits than the U.S. does, but you can hardly argue that the U.S. cannot afford it.
To throw Canada into the mix, it spends about 17%. That's a lower percentage of a lower GDP. In fact that would imply that Canada spends approximately 25% LESS on social benefits than the U.S. and has still has free healthcare.
One caveat to this is that I am comparing social benefit percentages from 2014 and comparing them to GDP Per Capita data from 2015, so take the exact numbers with a grain of salt.
The argument I'm trying to make is that it's political, not economic.