Norway Dealing with a Significant Issue

In order for any country to prosper, it needs to have a good and abundant population. Members of the population also have to contribute to the economy in order to keep the resources from running dry.

When this does not happen, the country generally sinks into poverty and other problems very quickly. It also becomes harder to bounce back or turn things around once they regress to this extent.

One nation that is learning this lesson the hard way is Norway. The problems Norway faces are of its own design, as documented by FEE.

A Cautionary Tale

When Norway’s Labor Party came into power in 2021, it decided to tax the rich as a way to provide resources and capital for the rest of the nation’s residents.

The recent wealth tax increase in Norway was expected to bring an additional $146M in yearly tax revenue

Instead, an estimated $54B-worth of ultra-rich left the country, leading to a lost $594M in yearly wealth tax revenue

A net decrease of $448M+

(sources and calculations ↓)

— Luca Dellanna (@DellAnnaLuca) May 26, 2023

However, this plan backfired. The wealthy and other job creators have since left the country and opted to live in nations like Switzerland where their money will go far and they won’t have to constantly lose resources.

Due to the exodus of wealthy individuals, Norway is losing revenue rapidly, and this trend is expected to continue in the foreseeable future.

Meanwhile in America

As Norway suffers the consequences of penalizing its job creators, here in the United States, Joe Biden and other Democrats are pushing for a wealth tax, seemingly ignoring the lessons learned from Norway and other countries that have implemented similar policies.

Grifters like Biden don’t worry about wealth tax— their money is laundered and hidden within shell corporations.

— steveabril (@steveabril11) June 23, 2023

At the end of the day, no economy can thrive without job creators and people investing significant resources. Therefore, socialist policies and other reforms that punish innovation, success, and hard work will only lead to failure and destruction.

The problems that Norway currently faces should serve as a warning to the rest of the world about what not to do.

This article appeared in Watch Dog News and has been published here with permission.