Showing posts with label France. Show all posts
Showing posts with label France. Show all posts

Saturday, December 12, 2015

Climate Tricks 46, More alarmism --> more climate money expectation --> more disappointment

The main irony of climate alarmism is this. 

1. Top climate activists and UN officials paint very scary, very alarming scenario 100 years away,
2. People and climate activists from developing countries demand more climate money, hundreds of $ billions per year of money (ie, more alarmism, more climate extortion), 
3. Officials from rich countries, their economies already saddled in heavy public debts, resist the huge climate money blackmail,
4. More disappointment, even anger, with deadlocks.

This is repeated yearly in all the past Conference of Parties (COP) meetings by member-governments of the UN Framework Convention on Climate Change (FCCC).

Take this story for instance last December 04, 2015:

“PARIS, France - Angry developing nations warned Thursday that increasingly tense UN talks aimed at averting catastrophic climate change would fail unless a bitter feud over hundreds of billions of dollars was resolved.

Negotiators from 195 nations are haggling in Paris over a planned universal accord to slash greenhouse-gas emissions that trap the Sun's heat, warming Earth's surface and oceans and disrupting its delicate climate system.”


Some stories at the end of the COP 21 meeting, December  11, 2015:

"Britain and other rich countries face demands for $3.5 trillion (£2.3 trillion) in payments to developing nations to secure a deal in Paris to curb global warming. Developing countries have added a clause to the latest draft of the text under which they would be paid the “full costs” of meeting plans to cut emissions." http://www.thetimes.co.uk/tto/environment/article4637269.ece

"The night saw an ugly brawl as US Secretary Of State John Kerry threatened that developed countries would walk out of the agreement if they were asked to commit to differentiation or financial obligations. “You can take the US out of this. Take the developed world out of this. Remember, the Earth has a problem. What will you do with the problem on your own?” he told ministers from other countries during a closed-door negotiation on the second revised draft of the Paris agreement." 

ISSUES THAT HAVE DELAYED AGREEMENT
Should developed countries have a legal obligation to pay for climate change
Should developing countries, that do not have historical responsibility for emissions, also contribute to the fund
Should burden-sharing be based on current economic capabilities or a combination of historical emissions and current economic capabilities
Should the actions of developing countries be linked to the provision of finance and technology or should they be treated at par with developed countries going forward
Should there be a periodic review of delivery of finance and technology by developed world or not
Should the long-term goal be to keep global temperature rise below 1.5 degree by the turn of the century or should it be somewhere between 1.5 degree and 2 degrees
Should poor and vulnerable countries continue to hold the right to file for damages against permanent loss caused to them because of climate change.

"Reacting to second version of the draft, Adriano Campolina, ActionAid Chief Executive, said, "In the closing hours of the Paris talks we have been presented with a draft deal that denies the world justice.

"By including a clause for no future claim of compensation and liability, the US has ensured people suffering from the disastrous impacts of climate change will never be able to seek the justice owed to them." http://timesofindia.indiatimes.com/.../50136956.cms... 

So here are some of the ironies and hypocrisy of climate alarmism movement.

Irony/hypocrisy 1: more alarmism, more extortion for climate money, more anger and disappointent.

Irony/hypocrisy 2: more hatred of fossil fuel, more use of fossil fuel with thousands of airplane flights to reach Paris from tens of thousands of climate negotiators + hangers on.

Irony/hypocrisy 3: many planet saviours hate nuclear power, then they go to France, enjoy uninterrupted electricity while France is the #1 nuke-dependent country in the planet. In 2013, 76% of its total electricity output came from nuke.

Greenpeace irony/hypocrisy very clear. They oppose nuke power, declaring, "End the nuclear age" http://www.greenpeace.org/internati.../en/campaigns/nuclear/

And they are in France, the #1 nuke-dependent country in the planet. The 2nd, 3rd, 4th, 5th nuke-dependent countries are Ukraine, Sweden, S. Korea and the US, 2012 data. 


Source: International Energy Agency (IEA), 2014 Key World Energy Statistics.

The planet is fine, it does not need self-proclaimed "planet saviours" and just undergoing the old and tested climate cycle of warming-cooling-warming-cooling, endlessly, with or without humans and their SUVs. 

The planet's inhabitants though need to be spared and saved from those climate charlatans whose goal in spreading climate alarmism is more government, more global ecological and energy central planning. Alarmism now simply digs its own contradictions and problems. 
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See also:

Monday, May 07, 2012

Welfarism 20: Hollande and Socialism in France

I am not a fan of outgoing France President Nicolas Sarkozy. But the entry of the new President who defeated Mr. Sarkozy yesterday, Francois Hollande of the Socialist Party and will implement socialist policies (bigger government, more subsidies, higher taxes, etc.), is something that I won't support either. Thank God I'm not in France. Below, some photos of Mr. Hollande and his supporters.



Mr. Hollande suggested during the campaign that he intends to raise the top marginal income tax to 75 percent. Get that? Being rich in France can be a bad achievement, so the government will confiscate 3/4 of a person's income if it reaches 1 million Euro a year or higher. The rich should be indebted to the government, so they must surrender more of their income to the government.

Can one also say that those whose businesses went bankrupt, and those who cannot find any stable job, can also credit the government for their situation? If one hears a lot about "market failure" but never "government failure", then only the above formulation will hold while the latter won't.

In socialism or socialist policies, personal responsibility and individual freedom (the freedom to be industrious and the freedom to be lazy) are not important. What is important is more government responsibility, more politicians' freedom (the freedom to take out 1/4 or 1/2 or 3/4 of people's monthly income, for instance).

And many people are still enamored with socialism and socialist policies. Witness how former IMF head Dominic Strauss Kahn (DSK) also of the Socialist Party, was also front runner in fighting Sarkozy then before the rape scandal in the US hit him. Note that -- the IMF itself was headed by a socialist, wow. And many people think that the IMF, along with the WB and other foreign aid/multilateral bodies, are "advocating free market" policies. This is wrong of course, but I digress.

As a non-European observer, let us wait for things to unfold, in Europe in general and in France in particular. Meanwhile, here are some news reports I read today on the subject.

http://www.bbc.co.uk/news/world-europe-15311645


7 May 2012 Last updated at 03:32 GM91

Profile: Francois Hollande

...He may come across as a moderate but Mr Hollande chose to fight his campaign on some hard-hitting economic policies, with proposals for a 75% top rate of tax and the recruitment of 60,000 new teachers. He has also vowed to renegotiate the EU's fiscal growth pact, signed by President Sarkozy.
The idea of a 75% income tax rate for earnings above 1m euros (£820,000; $1.3m) appeared to take his colleagues by surprise and was widely condemned by his rivals. The head of Mr Sarkozy's UMP party, Jean-Francois Cope, labelled his proposal for thousands of extra teachers as "crazy"....

http://www.nytimes.com/2012/05/07/world/europe/hollande-and-sarkozy-in-crucial-runoff-in-france.html?_r=1&ref=global-home





Hollande Ousts Sarkozy in French Presidential Election


...Mr. Hollande has said that he intends to give “a new direction to Europe,” demanding that a European Union treaty limiting debt be expanded to include measures to produce economic growth. Domestically, he has promised to raise taxes on big corporations and raise the tax rate to 75 percent for those earning more than one million euros a year....
Domestically, Mr. Hollande said he would raise taxes in a drive to balance the budget by 2017. He has vowed to raise the minimum wage, hire 60,000 more teachers over five years and lower the retirement age from 62 to 60 for manual workers who started their work as teenagers....


http://www.latimes.com/news/nationworld/world/la-fg-france-president-election-20120507,0,1868345.story


France's Francois Hollande changes the mix in Europe
By Kim Willsher, Los Angeles Times



May 7, 2012

Hollande's message, that the German insistence on austerity must be tempered with plans to stimulate economic growth, helped propel him to a decisive win Sunday over incumbent PresidentNicolas Sarkozy,...
But analysts say that Hollande, who favors higher taxation and growth through stimulus spending, actually has little room to maneuver and will need to act fast to placate the financial markets that see him as a threat to Europe's effort to rein in its high levels of public debt....
France's crippling debt burden saw it lose its coveted triple-A credit rating this year. With the unemployment rate nudging a record 10%, coupled with stuttering growth and declining industry, Hollande faces major challenges and must hit the ground running....
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See also:
Welfarism 2: France Riots, Taxes in Welfare States, November 17, 2005
Welfarism 4: Italy's Fiscal Woes, Kid Glove to Criminals, May 29, 2006
Welfarism 5: Germany's Tax Hikes, June 28, 2006
Welfarism 6: Obama and US Entitlement, November 11, 2008
Welfarism 8: Send All Monthly Salary to UK Govt First, September 21, 2010
Welfarism 10: Spanish Problem, the Euro or the State?, December 01, 2010
Welfarism 12: Denmark's Shrinking Entitlements, January 17, 2012
Welfarism 18: Hong Kong's Expanding Government, March 27, 2012
Welfarism 19: Consumption-led Growth and Direct Welfare, March 31, 2012

Fiscal Irresponsibility 19: Rich Countries' Debts, November 24, 2011
Fiscal Irresponsibility 21: Eurozone Debt, GDP and Unemployment, March 06, 2012

Tuesday, March 06, 2012

Fiscal Irresponsibility 21: Eurozone Debt, GDP and Unemployment

Europe and Eurozone's fiscal problems continue to wobble their macro economy as citizens keep paying more taxes and fees while their governments keep piling up more debts to the already high debt stock. Below are screen shots of a CNN feature, "Eurozone Crisis: How the figures stack up",  http://edition.cnn.com/SPECIALS/business/euro-crisis/index.html?hpt=hp_c1

All data accurate as of January 11, 2012.

(1) Debt/GDP ratio

Greece leads the pack in this infamous category. Out of the 17 economies here, 12 have exceeded the Eurozone cap. France and Germany's ratio at 83 percent of GDP.


(2) GDP size, $ billion

The largest economies, Germany and France, naturally are the one which have the biggest capacity to bail out the most troubled member-country of the Eurozone. Germany's GDP size in 2011 was $2.567 trillion.


(3) GDP growth rate, 2011

Last year, Greece and Portugal's economies have contracted, and only five economies were able to grow by 2.9 percent or higher. Heavy debt load will naturally lead to lower economic outlook and low or negative GDP growth.


(4) Bond yield, percent

Greece, Portugal and Ireland have breached the "danger zone" in terms of high interest rates for their new debts. Unless the new debts are able to really improve the overall economic productivity of the people and hence, improve the capacity to pay the old and new loans, new borrowings will only further worsen the problem.


(5) Unemployment rate, percent

More debt, more economic uncertainty, more unemployment. Spain's 21.3 percent joblessness rate is really troublesome.


(6) Youth unemployment

The situation is even worse for youth unemployment, with 11 out of 17 economies have 18.3 percent or worse in youth unemployment rate.


The governments of those heavily indebted countries in Europe and elsewhere like the Philippines, are not exactly "helpless" and "optionless" aside from more borrowings. Those governments have lots of assets, like government-owned or controlled corporations, banks and other financial institutions, lands and national parks, universities and hospitals, to sell and privatize. The governments will not abolish these, they will only be sold these usually monopoly bodies to private enterprises. Such privatization should be accompanied with deregulation so that it will not result in government monopoly to private monopoly.

Selling those assets are a lot more acceptable to the average citizens than more taxation. But I can imagine the opposition to such proposal by the employees and officials of those government-owned and controlled bodies and assets, especially for socialist-inspired or leaning governments.

But there should be a limit and stop to the endless borrowing mentality and policy. Because there is also a limit to the capacity of lenders, be there individuals, private enterprises and banks, or foreign governments. No one would keep lending to someone whose capacity to pay back in the future is next to impossible.
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See also:
Fiscal irresponsibility 11: US debt default talks, July 18, 2011
Fiscal irresponsibility 12: More on US debt default, July 28, 2011
Fiscal irresponsibility 13: Obama on debt limit, 2006, August 02, 2011
Fiscal irresponsibility 14: Debt crisis and government failure, August 08, 2011
Fiscal irresponsibility 15: Philippine government budget 2012, August 08, 2011
Fiscal irresponsibility 16: On government bail outs, September 11, 2011
Fiscal irresponsibility 17: Cut Spending and Borrowing, September 19, 2011
Fiscal Irresponsibility 18: Greece Bailout, October 29, 2011
Fiscal Irresponsibility 19: Rich Countries' Debts, November 24, 2011
Fiscal Irresponsibility 20: Trade and Budget Balances, January 06, 2012

Sunday, September 05, 2010

Healthcare Monopoly 1: France and Canada

In late July 2009, I wrote this:

The best health care system in the world, just don't get sick

Mandatory health insurance and increased government financing of health care, are among the "key policy interventions" that many governments, rich and poor alike, are undertaking. Such policies are also being peddled by the UN, WHO, and various multilateral institutions.

Competition, not monopolization, of various aspects of health care -- physician consultation, diagnostic tests, hospitals, medicines, etc. -- remains the better, if not the best, way to allow health care providers to cater to various patients with varying health needs and with varying budget. Market segmentation with price segmentation will allow different people to meet their respective supplier of health care, especially medical insurance.

When government steps in to further regulate, consolidate and later centralize and monopolize, health costs would not necessarily go down. On the contrary, it will increase as more bureaucracies will be created to impose and monitor the various regulations and restrictions. Also, the socialized health care system will soon be abused by both patients and health care providers (physicians, clinics and hospitals, drug suppliers, etc.).

My Filipino friend working in Japan told me how some Japanese patients would abuse the socialized and government-managed health care system. Patients pay only around 5 percent of the total hospitalization bill in case of confinement. Some patients who can be discharged from the hospital within 2 or 3 days, are staying 2 weeks or more. Such patients pay only very small, they get excuses from their employers not to report for work, while physicians and hospitals are assured of bigger revenues from prolonged stay of some patients as government payment for hospitalization is assured.

Below is a good article by a Canadian and European authors, describing the adverse effect of State monopolization of health care, citing the Canadian and French system.
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Healthcare reforms warnings from France and Canada

healthcare-combo– Brian Lee Crowley is the founding president of Atlantic Institute for Market Studies (AIMS), a public policy think tank in Canada (pictured left) and Valentin Petkantchin is director of research at the Paris-and Brussels-based Institut économique Molinari. The views expressed are their own. –
President Barack Obama’s package of heathcare reforms – mandatory health insurance, public health option and increased federal government financing – is being sold as preserving independent high quality care and choice for patients while keeping down costs. Taxpayers and patients in both Canada and France know better.
Unfortunately, our experience is that once the government gets its nose in the healthcare tent, not only is spending not contained, but health care professionals lose their freedom to practice. Left with few choices, patients face shortages and waiting lists.
Washington’s proposed new public health insurance option, while not imposing Canadian-style single-payer monopolistic public health insurance immediately, will almost certainly lead to that result in the end.
One of two things will happen. If doctors prove reluctant to accept patients covered by the public option and it is thus unable to compete successfully with private insurers, the politicians will not stand idly by.
Physicians’ freedom to practice outside the public option will become increasingly hedged with restrictions, perhaps ultimately ending up, as in Canada, with doctors in the public system being prohibited from taking private patients.
Or, more plausibly, in the short term at least, private insurers will gradually withdraw from the business, incapable of winning against a government-subsidized “competitor.”
In both cases, competition in the health insurance sector will progressively vanish and the U.S. will wake up with a monopolistic-style health insurance system, à la France or Canada.
Consider yourself warned.
Our respective health care systems have proven incapable of reining in rising costs. Health spending in France, while lower than the U.S., is among the highest in the world, whatever the indicator, despite decades of mandatory, subsidized health insurance. After 1988, the public health care system has regularly been in the red, with deficits numbered in the billions of euros. The forecast deficit for 2009 alone: 9.4 billion euros (over US$13 billion).
French officials are scrambling to take more control of the system to bring these costs down, but Canada, where government controls all “medically necessary care,” shows that this is no solution at all. A growing share of Canadian provincial budgets is also swallowed by the health care system, going in 20 years (1983-2003) from 32% to 41% and on the way to 50% in a few short years. As a portion of GDP, and adjusting for population age, Canadian health care spending even ranked ahead of France’s in 2005.
But the oxymoron of government cost containment is not the only problem. In the name of restraining costs – so fashionable currently in Washington – governments are adding further inefficiencies by piling on more bureaucracy.
Since 1996, there is a cap on national health care spending in France and growing pressure on health care professionals in the public system to cut costs. In 2004, patients’ choice of physician and specialist was also severely limited.
Independent private medicine – once one of the main pillars guaranteeing quality and timely care in the French system – is being slowly strangled. At the end of 2008, nurses lost their freedom to practice where they please, while a new law will do the same for physicians by imposing an annual financial penalty if they refuse to practice where the government tells them to. Specialists’ fees are increasingly regulated. The last pillars of competition among providers, and choice for French patients, are thus undermined.
Canada again is a good example of where the logic of such policies will lead the French and the Americans in the future.
North of the border, decades of total government control over health care have led to chronic doctor shortages and waiting lists. Roughly 1.7 million Canadians were unable to find a family doctor in 2007 and have to queue in impersonal clinics where they exist. Yet only a physician can order tests or get a patient in to see a specialist.
Despite continual infusions of fresh tax dollars, waiting times for hospital treatment went from an average of 7.3 weeks in 1993 to 17.3 weeks in 2008, although there was a minuscule decline last year as a result of massive political pressure. The problem is so severe that the Supreme Court of Canada acknowledged in a historical 2005 ruling that patients die as a result of waiting lists for public health care.
Finally, coverage of new drugs is delayed by a year or more for patients relying on the public system. Even with this delay, by October 2007 less than half of new drugs launched between 2004 and 2006 had been listed for payment.
Based on experience in both our countries, government health insurance and government financing inescapably lead to a crackdown on health care providers and bureaucratization of the entire health care system. Americans should look carefully at our experiences before going any further down the slippery slope of state-controlled health care.

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A certain "Dan" commented to my note above, said:
Since health care is a service, A better comparison of health care systems around the world would be to poll consumers from various nations as to what they like and dislike about their systems. This has already been done by various polling companies.
A google search for "heath care poll, Harris" should yield some interesting insights.
The results are surprising for those of us who have always believed that the US system was second to none.

I have a former officemate at CPBO, House of Representatives, Quezon City, who migrated to Vancouver, Canada. She told me that one time she suffered itchy hair/head scalp, she got it after a brief mountain hiking. She went to a government hospital or clinic, the staff and doctor there noted that her condition was not serious, she was told to wait for several months as doctor services have a long queue, and was told to take some medications, gave her prescriptions.

Days and weeks have passed, her itchy hair or head scalp was getting worse, she went back to the doctor but was told that her condition was not serious, told her to come back on the specified date which was several weeks away. Her dandruff was growing thick then plus other maladies in her hair, she could not sleep well in the evening and her work was already affected. Desperate to get treatment, she went to a private physician and paid big amount just to get treated. That action solved her problem.

When things are made free or highly subsidized, expect the demand to be higher than the supply, which will later result in rationing of such goods or services.

Thursday, November 17, 2005

Welfarism 2: France Riots, Taxes in Welfare States

From my readings of the 3-weeks riots in France, the usually-mentioned culprit for the anger by the rioters are: (a) the police's racism, arrogance and brutality to immigrants of African and Arab/North African origin; (b) high unemployment among immigrants, up to 40% or 4x the national average of 10% (and France has this 10% average unemployment rate for the last 30 years or more!), and (c) bad social conditions (housing, discrimination in work if ever employed, and so on).

The problem with the French police is an issue that can be addressed by Interior Minister Sarkozy and the police chiefs. The problem on unemployment and social discrimination I think, can be rooted to a "crisis of welfarism", of high expectations of welfare, and continuing disappointment of high taxes and over-regulation of business to maintain welfarism. This is a problem that has finally caught up with France, could spread to other European welfare states. Though France's situation is more unique and pronounce by virtue of its being a strong colonial power in the past.

France colonized dozens of countries in Africa; it even had colonies in Asia before -- Vietnam, Laos, Cambodia. When colonization officially ended, tens, hundreds of thousands from each of its former colonies went to France (especially the fallen rulers?). The migrants settled in France, produced offsprings who are France-born, expecting that they be entitled to the same welfare benefits as the "real" French, them white people with blue eyes, unlike them darker skin with black eyes and kinky hair.

But France's welfarism is already overstretched. Its budget deficit always exceeds 3% of GDP every year, a problem it shares with Germany and Italy and which angers many smaller countries in the EU who struggle hard to keep their budget deficit below 3% of GDP. France's public debt comprises 66% (or 2/3) of its GDP as of 2004 (data from IMF, World Economic Outlook 2005). And the unfunded liabilities of the social security system is estimated to be around 200 percent of GDP. The expenditures for public welfare, farm subsidies and other services always exceed tax collections and other revenues. And rightly so since France's taxes are among the highest in the world. Top marginal income tax rate is 48 percent, add in payroll taxes and productive citizens pay as much as 65 percent of their income in taxes. Who's happy surrendering 2/3 of his/her monthly income to the government? The top corporate tax rate is 34 percent and value-added tax (VAT) is around 20 percent.

A Frenchman friend told me that while many productive French people are leaving France, went to UK, US, Eastern Europe, other smaller-taxes economies (well, at least compared to those in continental European countries), the population of its welfare-dependent citizens and migrants continue.

Another problem of welfarism is over-regulation of labor laws, business and entrepreneurship. To hire employees means: (a) lots of additional fees to pay (workers' health insurance, unemployment insurance, etc.); (b) workweek is only 35 hours; (c) mandatory paid vacation leave is 5 weeks; (d) family and maternity leave is 36 weeks; and (e) it's very difficult and bureaucratic to lay off or fire employees. If you are an entrepreneur and faced with such rigid labor laws, while business and personal taxes are high, why hire more people? Better do it yourself, or move your shop or factory to Eastern Europe or Asia or the US where taxes are smaller and labor laws are less rigid. This largely explains for the high unemployment in France, Germany, Belgium, Spain, Italy, other European countries.

So, the cycle of high expectations of welfare and disappointment with high and multiple taxes and rigid labor laws is a trap that sustains discrimination and high unemployment. Now, if my hypothesis (ie, being a hypothesis, subject to test by facts and counter hypothesis and theories) that this is a "crisis of welfarism", then the current riots is one slam-dunk proof against socialism-inspired policies of the French government. The free-market system of less government intervention, less bureaucracy, less taxes, more entrepreneurship and more individual responsibility, is an old idea that continues to elude the political leadership of France and many welfarist countries.

The upcoming WTO Ministerial meeting in Hong Kong could be one opportunity for the high welfare, high agricultural protectionism countries, to slowly go back to the free market system. Simply slashing high farm subsidies, and slashing the high taxes that finance such huge farm subsidies, would provide justice not only to the over-taxed citizens of rich countries, but also to the farmers and agri-business enterprises in poorer countries.

From someone in a poorer country (the Philippines) writing about these things, some people in rich countries might train the gun back and say, "now, look who's talking!" But precisely the main reason why our country is poor, is because of the same high government interventionism, high and multiple taxation, over-regulation of labor laws and entrepreneurship, that many of our people are poor and unemployed.

Taxes in Welfare States

Many people, ordinary citizens and government leaders alike, in the poorer countries, envy the "free education, free hospitalization, long paid vacations, generous unemployment benefits,..." of many welfare states of Europe and other rich economies. I don't know if they also realize that maintaining a welfare state is very expensive for the taxpayers. After all, government has nothing to give to people except what it takes from other people.

Below are some data I got from the IMF's Government Finance Statistics (GFS) Yearbook 2004. Revenue = taxes + social contributions + other revenues (fees, charges) and grants. The taxes (various forms of income and consumption taxes) comprise between 1/2 to 2/3 of government revenues. Many of these fees and charges are not called as taxes because they are only created by administrative orders, not by the legislature or the Parliament. Nevertheless, whether they are called taxes or non-taxes fees and charges, they have one thing in common: they are mandatory and compulsory payment to the government.

General Government Revenue as % of Gross Domestic Product (GDP), 2003 (unless specified):

1. Denmark, 59.3% (of which taxes, 47.1%)
2. Sweden, 58% (taxes 35.2%)
3. Norway, 57.3%
4. Finland, 52.9%
5. Austria, 50.8% (2002)
6. Belgium, 50.5%
7. France, 50.4%
8. Luxembourg, 46.6%
9. Italy, 46.1% (2000)
10. Netherlands, 45.7%

11. Germany, 45.0%
12. Iceland, 44.8% (2002)
13. Portugal, 41.7% (2001)
14. Canada, 40.8%
15. United Kingdom, 40.1%
16. Spain, 39.9% (2002)
17. Switzerland, 37.5% (2001)
18, Australia, 36.8%
19. United States, 31.8% (taxes 18.7%)

Some Asian economies:

1. Hong Kong, 15.3% (2002)
2. Thailand, 20.9%
3. Malaysia, 26.3%

Note from the above numbers that the US' welfare system is less taxing than those in Europe. In fact, the US' government revenues as % of GDP is nearly 1/2 of those in Denmark, Sweden and Norway. This partly explains why the US attracts more entrepreneurial people from many parts of the world, than Europe. But many Asian and Eastern European countries with smaller taxes and lesser government regulations are attracting more and more professionals and investors from both North America and Western Europe.

* See also: Welfarism 1: Dependence vs. Individual Responsibility, October 17, 2005