Norway built a sovereign wealth fund on commodity revenue. Singapore mandated savings. Denmark and Sweden restructured around broad-based consumption taxes.
The US funds itself primarily through payroll and income taxes, both levied on wages. Productivity nearly tripled since the early 1970s. The hourly paycheck rose ten percent. Every country on this list that strengthened its finances shifted the base away from wages. The US hasn't tried that yet.
In the Russia that we deserve, oil revenues will be similarly invested back into the nation.
The US is also doing better than debt to gdp suggests. We have higher taxable capacity by virtue of our great wealth.
Norway built a sovereign wealth fund on commodity revenue. Singapore mandated savings. Denmark and Sweden restructured around broad-based consumption taxes.
The US funds itself primarily through payroll and income taxes, both levied on wages. Productivity nearly tripled since the early 1970s. The hourly paycheck rose ten percent. Every country on this list that strengthened its finances shifted the base away from wages. The US hasn't tried that yet.
I totally believe that small homogenous countries full of high human capital an be disciplined.
Jamaica! Reversing poor fiscal stewardship is even possible in lower income, lower trust countries. It just takes political will.
And a bridge loan from commodity traders!