One of the first questions President Obama took during his press conference in Sweden was from a Swedish reporter. She asked about the NSA snooping program, and then followed up with a swipe at his opposition who say he wants to turn the US into Sweden. I don’t recall the exact question, but she asked what Swedish policies he would like to implement in the US. He blathered about clean energy and public-private partnerships, but missed the big picture. Over the past couple of decades Sweden has been undergoing a transformation into a free market economy. The Heritage Foundation took note, but our president chose to ignore the facts.
Since 1995, Sweden has reduced its government spending as a portion of gross domestic product by almost 20 percent while America’s has increased by close to 10 percent. Not content merely to downsize government, the country known for ABBA and IKEA has also engaged in the global tax-cutting race and reduced its corporate tax rate to 26.3 percent from 60 percent. Notably, Prime Minister Fredrik Reinfeldt has implemented a further reduction of the corporate tax rate to 22 percent, pointing out that corporate income tax is “probably the most harmful tax of all.”
It is not surprising that Sweden has shown enviable economic resilience during the global downturn, even as America’s entrepreneurial pulse is on virtual life support due to the big-government policies of the Obama Administration.
Opting for free-market solutions, Sweden has unmistakably moved to lower spending, lower taxes, and improve economic freedom. It’s time for the U.S. to follow suit. (Read More)
He did babble something about how in Europe he would be considered to be in the political center, or center-right or center-left depending on the country. But of course economic freedom wasn’t on his radar. Lucky for him, the conversation quickly turned to the situation in Syria and nobody said anything more about this lagging economy or the inept implementation of his rotten Obamacare.