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Ørskov: A story of economic vandalism
Stig Kirk Ørskov writes that the Wise Men have documented the government's abuse of the Danish economy.
The economic Wise Men are well-behaved and careful people.
But make no mistake – they are sharp as a knife.
In their latest six-monthly report that was published today, they have laid the government’s economic policy bare and documented how the Liberal-Conservative-Danish People’s Party (VKO) majority has abused the Danish economy.
Worst decline
The Wise Men have demonstrated that the downturn started earlier in
Denmark than in most other countries. The Danish economy has experienced one
of its greatest retreats, and contrary to what most Danes think, the retreat
did not take place from a high level. As you can see from the figure,
Denmark has now retreated much further than Sweden and Norway.
Self-inflicted downturn
The government has persistently tried to convince the Danes that the
crisis has come from abroad in the form of the global economic crisis. But
it’s a lie. The Wise Men write that: ‘the recession started at a time when
the economic crisis had not yet begun to force the global economy to its
knees’.
Irresponsible policy
The Wise Men point out that Denmark has traditionally run a so-called
market-levelling fiscal policy. Various governments have supported the
economy when times have been bad and taken the steam out of the economy when
it has been moving towards overheating. But ‘during the latest upturn, this
good practice was changed,’ the Wise Men say. “An expansive fiscal policy
was conducted with major growth in public consumption and at the same time
the freeze in property value taxation has resulted in increases as house
prices rose considerably.”
VK at fault
The Wise Men’s conclusions regarding the government’s economic policy are
harsh. They conclude that the government has made the recession worse than
it needed to be: “In a situation in which overheating was a threat, fiscal
policy helped to increase the pressure on the labour market, and housing
prices were stimulated further. Fiscal policy that paralleled the market
situation helped to increase the imbalances in the economy and make the
downturn even worse.”
Longer crisis for Denmark
Precisely because the government refrained from intervening, the crisis
not only became deeper, it will also last longer according to the Wise Men.
“The significant imbalances that the boom contributed to in the form of high
housing prices and bad competitiveness, have contributed in making the drop
in production in Denmark greater than in several other countries, and have
meant that the Danish economy will probably take longer to get out of the
crisis.”
Lower growth
The consequences of the bad state of the Danish economy are that in
coming years Denmark will have lower growth than most of our trading
partners. While the Wise Men estimate that Sweden will have nine percent
growth over the next three years, Denmark is facing growth of five percent.
Unemployment
Low growth means that it will take a long time before the pace of the
Danish economy grows at such a rate that more people will be hired than
fired. Unemployment will – according to the Wise Men – continue to grow
until 2011 when it will reach 171,000. At the same time some 60,000 people
will be in activation systems. This equals an unemployment rate of eight
percent.
Horrifying debt
The massive economic crisis means that Denmark is currently indebting
itself at a ghastly rate. The Wise Men estimate that public debt will reach
DKK 700 billion at the end of 2010. That is DKK 200 billion more that
planned in the so-called 2015 plan. A plan that describes what is needed to
maintain a sustainable welfare state.
All in all, this is one of the most critical Wise Men’s reports in recent years. And with good reason.
With its irresponsible economic policy the government has abused the Danish economy to such an extent that it will take many years to repair.
Translated by Julian Isherwood
Se også
- Ørskov: Historien om et økonomisk hærværk 22. okt 13.56
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Politiken guides to Copenhagen
BANGLADESH IS DROWNING
Bangla Desh is a country hard hit by the whims of a changing climate. See the
narrated series of pictures taken by Politiken’s photographer Jonathan Bjerg
Møller.
Chapter 1: Nature’s laboratory
Chapter 2: Cyclone Aila’s victims
Chapter 3: The island without men
Chapter 4: The slum a lawyer owns
Chapter 5: The town that disappeared
Chapter 6: The story of Bangla Desh
About this site
You are currently viewing the English section of Politiken.dk. The section
provides the main stories of the day from Monday to Friday and is edited by
Julian Isherwood.
Politiken is one of Denmark’s largest newspapers and has been published since 1884. The newspaper is owned by the Politiken Foundation and is part of the JP/Politikens Hus publishing group. Politiken is independent of all political parties and organisations.
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