When oil and gas were discovered under their harsh, frigid waters in 1969, Norwegians felt confident that North Sea energy riches would give them the means to create a perfect society. Even before the money came in, they started spending it to enhance an elaborate social-welfare system that has given them one of the world's highest living standards. But the state budget crept up, until today this system takes an astonishing 54.9% of the gross national product. Belatedly, Norwegians discovered that they were living well beyond their means.
Unrealistic oil production and revenue...
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