YLE reports that despite the economic downturn in Finland, those who retain their jobs can expect to see an increase in real income of 4.6% this year.  By contrast, last year’s increase was 1.5%.

Quoting the Taxpayer’ Association, YLE notes that ”The group attributes the improvement to slowing inflation and tax cuts. This year earned-income taxes are to be lowered overall to the tune of 870 million euros. The government — under the lead of conservative Finance Minister Jyrki Katainen — has also removed some tax penalties for raising one’s earned income”

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One Response to “Wage Earner’s Purchasing Power Set to Rise in 2009 – in Finland”

  1. Segio says:

    China needs to slowly shift from being less of an exropt-led economy to more of a consumer-driven economy.However, in the short-run, that’ll cause inflation and unemployment.China hasn’t had the massive ”creative-destruction” process, in over 20 years, that’s needed to fundamentally improve the economy, most likely, because the communist elites don’t want massive political upheavel.There are many problems in China’s economy. I stated before:China’s GDP is an illusion. The private sector is small (consumption fell from 45% to 36% of GDP in the past decade). Basically, China is a giant assembly plant. What the Chinese do best is corruption, crony capitalism, misallocate resources, cause negative externalities, prevent creativity, create inefficiency, and exropt much of its GDP.

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