By R. Hannesson
Why is it that govt debt within the constructed global has risen to global battle proportions in a time of peace? this may mostly be attributed to governments retaining welfare costs past what tax sales enable. yet will those governments chorus from doing what's important for financial progress for worry of wasting their citizens?
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Extra resources for Debt, Democracy and the Welfare State: Are Modern Democracies Living on Borrowed Time and Money?
GDP per capita 2008–2012 ‘000 int’l dollars Norway United States Switzerland The Netherlands Canada Austria Ireland Australia Iceland Sweden Belgium Denmark Germany United Kingdom Finland France Japan Spain Italy New Zealand Greece Portugal , , , , , , , , , , , , , , , , , , , , , , Note 1 Carmen M. Reinhart and Kenneth S. Rogoff (2010), This Time Is Different. 0004 3 The Cost Disease of Public Services Abstract: The cost-disease model explains why the public sector expands in an economy with rising productivity.
They find the necessary intellectual alibi in economists who tell them that government finances are something entirely different from the finances of private households, an illusion we discussed in an earlier chapter. These dynamics are likely to be among the causes behind the increase in government debt since the mid-1970s. Pensions In the foregoing we have been discussing government services; health services, education and much else. But governments pay for more than that. In many countries they also provide a large part of pensions, not just for their previous employees, but also for those who were employed in the private sector.
Government debt increased from 1980 to the mid-1990s, but declined again until 2007. The debt buildup is clearly related to increased transfer payments and the decline to a decrease of the same. New Zealand is yet another country that has managed to reverse its accumulation of government debt. Economic growth was high in the 1950s and 1960s, and again and quite comparable from the early 1990s up to the financial crisis, but in between growth was appreciably lower, which prompted New Zealand to undertake radical economic reforms in the 1980s.