Friday, February 13, 2009

Cato in 2007: Emulate Iceland!

Brad DeLong flags a series of horrendous articles by Cato Institute "scholar" Daniel Mitchell, but the best one is the article exhorting advanced economies to emulate Iceland:

March 21, 2007: Iceland Comes in From the Cold With Flat Tax Revolution: Listen up, Gordon Brown and George Osborne. Iceland has joined a growing list of nations that have sharply cut their corporate tax rates and adopted flat-rate individual income taxes, with hugely positive consequences on economic performance.... The reduction in the top tax rates was introduced to cut penalties on productive activities.... All these reforms have helped Iceland climb from 26th to ninth in the "Economic Freedom of the World" rankings since 1990.... Tax reform and economic liberalisation have helped Iceland prosper. Let's hope that other industrial nations – and especially Brown and Osborne – will learn from Iceland's success...
As the Sports Guy would say, a 10 on the Unintentional Comedy scale.


Rick Caird said...

This sounds like something DeLong would say. The collapse of Iceland was not the flat tax or the lowered interest rate. The collapse was due to over leveraged private banks which then had to be nationalized. Does that not sound familiar?

How about the US: over leveraged banks and a country that is bankrupt when you consider the present value cost of medicare and social security.

So, the comedian is actually DeLong.


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