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Sweden

Citizens signal they’re fed up with tax cuts

Founder and President of the World Economic Forum German Klaus Schwab speaks during an interview with The Associated Press in Davos, Switzerland, Monday, Jan. 20, 2014. The world's financial and political elite will head this week to the Swiss Alps for 2014's gathering of the World Economic Forum at the ski resort of Davos. (AP Photo/Michel Euler)

Founder and President of the World Economic Forum German Klaus Schwab speaks during an interview with The Associated Press in Davos, Switzerland, Monday, Jan. 20, 2014. The world's financial and political elite will head this week to the Swiss Alps for 2014's gathering of the World Economic Forum at the ski resort of Davos. (AP Photo/Michel Euler)

Swedes are preparing to punish the government for cutting their taxes.

Prime Minister Fredrik Reinfeldt, whose main policy thrust over the past eight years has been to let voters take home more of their pay, looks set to lose September elections. Instead, Swedes are poised to back a Social Democrat-led bloc promising more tax-funded welfare.

According to some polls, the opposition stands to defeat Reinfeldt’s coalition by more than 10 points.

Swedes are returning to their welfare-first roots as the global financial crisis and turmoil in Europe over the past half-decade served as a reminder of the fragility of the social contract.

Southern Europe has suffered deep unrest and record unemployment, reigniting faith in the Nordic model for welfare and equality.

Bloomberg News

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