Which other countries have officially already entered a recession? Korea has technically avoided it last month by a very small margin, but things are not looking great.
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179 sats \ 0 replies \ @IamSINGLE 30 Oct
I read Tomk's posts and according ng to him most of the Europeans countries have either entered or are on the edge of recession.
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143 sats \ 0 replies \ @kristapsk 30 Oct
Latvia, -0.4% compared to previous quarter.
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47 sats \ 4 replies \ @stack_harder 30 Oct
I was reading something on Quora today about how Sweden is basically a utopia and proof that socialist policies, if done correctly, work so well. and all the commenters were in there saying how they don't mind paying in excess of 40% tax etc, it was almost a flex.
i think that is excessively high taxation in any case, sure they could still run the show at 30% or less
don't know if @Tomk has any insight
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10 sats \ 1 reply \ @TomK 30 Oct
Scandinavia turned to max welfare state during the 70s with taxes higher than 80%. Then it collapsed and they slowed this down but never really embraced freemarket economies. It's the european mental illness.
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47 sats \ 0 replies \ @stack_harder 30 Oct
i have to say, it's quite interesting as an experiment. we've had all these countries running all kinds of economic models, how many of them will stand the test of falling birth rates and population is key i think
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0 sats \ 1 reply \ @south_korea_ln OP 30 Oct
40% is probably on the lower end. I've heard higher tax brackets are over 50%, or even nearing 60% in some EU countries.
I understand where these Quora commenters come from. From my experience living in the EU more than 10 years ago, this model has worked quite well for many years. I was ok too, to pay this kind of taxes at the time.
Now these social models are being tested and strained due to decreasing population, increasing immigration, economic hardships, and basically the fact that the EU has benefited from a colonial past, which prevails to this date, to become a stronghold in the West. Several other reasons, too. Such social models may work well when the economy is good, but come under high scrutiny when times are hard. Only time will tell if these models are reaching their limits and indeed, a new financial paradigm is needed (through Bitcoin?).
I am simplifying of course and I'm sure better-informed people will correct me on some technicalities.
Lots of people have known only such a social environment, and as long as they are not suffering too much in bad economic times, will see the benefits and be ok with paying such taxes. Social welfare feels good when it works as intended. You are making enough money to sustain yourself, you realize your privileged position in society comes at the cost of the less fortunate, and so you are ok that your taxes help the less fortunate. If you are less fortunate, you pay less taxes, and you are happy such a system is in place. Many people grow up with these ideas taught by their parents, and so that's what they consider normal. Even in very capitalist Korea, people are happy about the single-payer healthcare system.
Now, lots of people in the EU do not benefit from these models, and as such, realize the weaknesses they carry. They thus rightfully question the future of these models. Especially in times when their sustainability becomes less and less sure.
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0 sats \ 0 replies \ @stack_harder 30 Oct
these are very good points, i think the world was just in a far better place across the board ten years ago, more or less.
I think the fact that Swedish salaries (and Norway, Denmark etc) are so much higher than anywhere else probably softens the blow because, on some level, it must feel pretty good to know you have a higher salary than almost anywhere in the world, on average at least.
i think it also helps that it's a low corruption index country as people won't feel like the tax money is just being stolen. if you had a system like that in Bulgaria it wouldn't work because people would just take the piss and the money would be 95% embezzled.
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0 sats \ 0 replies \ @TheBTCManual 30 Oct
They've also been the fastest to cut rates in Europe, so even these numbers aren't without an attempt to juice it, along with the usual massaging of numbers which shows how deep this really goes
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0 sats \ 0 replies \ @Undisciplined 29 Oct
Like most economists, I have essentially no awareness of anything happening outside of America. I think Germany is in recession, too, though.
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