I am a bit confused by the statistics for Norway:
http://wiki.mises.org/wiki/Norway
The revenue is consistently higher than expenditures, but the debt still grows (and the GDP grows as well). How can that be? Is not servicing of the debt counted into expenditures? Even if not, can it be that high to explain growing debt?
Thanks!
I'm not familiar with Norway specifically, but I do know governments and accounting...and it's not difficult to show whatever you want to show...
The Surplus Hoax
4 terms:
1. Off budget items. These are items in the USSA like wars and stuff that the government does not budget for but incurrs debts to pay for.
2. Supplemental appropriations. These are items that governments find they have to fund like the TARP that they did not know of prior to the event.
3. Non-Generally Accepted Accounting Principals accounting. That is the country has unfunded liabilities that it must carry in its books if it is a private organization. But if it is a government it does not have to do so.
4. But mostly good old fashioned lying.