Norway backing away from Socialism

There is a large offshore oil reserve off the Norwegian coast and this accounts for one third of Norway's income. When will it run out? From Hot Air:

Norway ponders conservatism and the future of the welfare state
Parts of Northern Europe have had a bit better luck than some other sectors across the pond during the economic troubles of the past decade, but they still have had to deal with the legacy of welfare states and costly entitlement programs. Earlier this year, Mary Katharine looked at Sweden�s attempts to deal with rising debt and costly entitlements, while Erika covered some steps being taken in Denmark to deal with their long term financial issues arising from the same core issues. This sense of realism and worry about the future seems to be spreading across the region, and John Fund has a great analysis of current events in Norway, where conservatives seem poised to take control of the government there for the first time in ages.

If polls taken over the last year are accurate, the eight-year-old Labor-party government of Jens Stoltenberg is headed for a landslide defeat.

Normally, you would think it would be a shoo-in for reelection. Labor�s social democrats have long thought of themselves as the natural party of government � Labor has been the leading party in Norway for all but 16 of the last 78 years. While much of Europe is wracked by recession, Norway�s economy grew by 3 percent last year, and the unemployment rate is only 3.5 percent. Norway�s GDP per capita is now over $60,000 a year.

But Norwegians appear likely to elect a conservative coalition government for the first time in over a decade. Polls show the Conservative party leading with 32 percent of the vote, which should give it 58 seats in the 169-seat parliament, a dramatic increase from 2005, when it won only 23 seats. The Labor party has about 30 percent of the vote, and its left-wing allied parties are floundering. The Progress party � a populist party that supports low taxes and stricter limits on immigration, and that worries about Muslim extremism � has about 16 percent of the vote, and it and the Conservatives, together with their smaller allies, look to have a clear majority in the new Parliament.

Well, it was a nice ride but it is good to have some adults in the room. More at the site and some good comments.