Sweden is America and America is Sweden?

John at Power Line links to an article that reports that Sweden has decided to slash income taxes to spur more economic growth.

The proposal, to be presented to parliament on Monday as part of the 2010 budget bill, is the fourth leg of a tax cut programme introduced in January 2007 to stimulate employment.

The fourth leg would enter into force on January 1, 2010.

With that step, 99 percent of full-time employees will have had their taxes reduced by a total of 1,000 kronor per month, while 75 percent will have had reductions of 1,500 kronor, the government said.

“The coalition government has agreed on reforms for jobs and entrepreneurialism that will increase employment in the long-term. It has to be more profitable to work and more companies should be able to hire employees,” the government said.

The article also notes that Sweden’s unemployment rate has risen as a result of the global economic downturn, as has everyone else’s. With Sweden’s new tax policies, its economy will take off once the down turn reverses itself, while America will probably still be floundering by that time, having been strapped with oppressive deficits as far as the eye can see.

John also notes this:

It’s an interesting comparison: Sweden experimented with the nanny state, learned that it was devastating to the economic and moral health of its people, and is moving back toward individualism. Here in the U.S., we had the world’s most dynamic economy, and the lesson we took away from that–some of us, anyway–was that we were doing something wrong and needed to socialize everything. Curious.

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