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How Norway Built an Economy That Puts People First
Key Excerpts from Article on Website of Yes! Magazine
Posted: November 16th, 2020
https://www.yesmagazine.org/issue/what-the-rest-of-the-world...
Norway’s ability to preserve the fiscal and physical well-being of its residents during the COVID-19 pandemic is just one small example of a decades-long effort to create an equitable economy. What began as a result of the labor and feminist movements in the 1970s now suffuses most parts of society, including how the country responded to the outbreak. On March 12, Norway began its nationwide lockdown, and by April 7, Parliament had adopted a package that Trygve Slagsvold Vedum, a member of Parliament and the leader of the Center Party, told Norwegian Broadcasting was “the largest [monetary] commitment the parliament has ever made.” The roughly $480 million relief package included tax relief for businesses experiencing losses, a reduction in the European Economic Community Value Added Tax, and tax deferrals for self-employed individuals such as freelance writers and artists. The package helped maintain stability in the economy while Norwegians did their part to slow the spread of the virus. Norwegian workers pay a roughly 25% income tax rate. That’s on par with what the average American family pays in income tax, but in Norway, those taxes pay for generous social welfare programs for almost all Norwegian residents. Norwegian social welfare encompasses comprehensive unemployment benefits, retirement pay, and health care coverage that covers just about everything, from mental health care to ambulance and emergency services to clinical care for transgender residents.
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