Be like Iceland?

In yet another debate with progressives they gave almost no evidence to back up their assertions. In today’s post, we’ll go over some propaganda concerning Iceland. According to The Other 98%:

12651187_1232938010050508_5701700537642796515_n

Here’s my conversation with Michael Campos and some fellow Sandroids:

michaelc     michaelc1   Vinge

The Reuters story Michael linked me to was the only source of information that he gave me. In it the article states that a whole four people went to prison. The statement concerning “bailed out its citizens” is not explained. Perhaps that’s what progressives call nationalizing industries? Concerning Iceland’s recovery, “strongest” isn’t actually compared to anything nor is any citation or data provided. Using data from the U.S. Bureau of Economic Analysis and World Bank we can compare recoveries between the U.S. and Iceland. I bet if I watch the movie that Erik Vinge told me to I’ll be properly re-educated right?

US_GDP_by_year    Iceland GDP change by year

If you look at just GDP, there seems to be little difference. I suppose that Iceland did better than Greece.

U.S. BEA data (Excel)

World Bank GDP data (Excel)

I suppose that I should look at more than just one economic indicator though. How about inflation?

Iceland inflation    U.S. inflation

World Bank inflation data (Excel)

At least inflation in Iceland dropped from what it was in the Carter years for the U.S. How about Industry, value added?

Industry, value added Iceland Industry, value added U.S.

Industry, value added data (Excel)

I could keep going, but the idea that Iceland is a utopia or is experiencing amazing performance is simply unfounded. Was a country that just experienced a depression supposed to keep contracting forever? Have progressives never heard of the business cycle? Do progressives really think that all bad investments can be avoided?

Some comments The Other 98% received on their inane photo:

Mkroboth    shrannar     Ukristjansson

 

 

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