The Independent Party’s trustworthy and responsible economic policy

In 2006, the Independent Party opened a website to promote itself in the elections for Althingi.

From xd.is

“The Independence Party is the most supported political party in Iceland. It was founded on the 25th of May 1929 with the merger of the Conservative Party and the Liberal Party. The party has around 50 thousand members and has been a leading party in the Icelandic government from 1991 and a member of 22 of the 31 governments formed in Icelandic history.

The Independence Party has fought for the freedom to work and freedom of the individual, abolition of any kind of restraints, cooperation with other nations and other progressive matters that have had a decisive impact on the nation’s interests and laid the foundation for the prosperity it has today. The party stands for a dynamic and open economy and a strong walfare system.”

Asides from the fact that the party cares about a strong “walfare system” it is good to see that it accepts responsibily for laying the foundations for the prosperity Iceland has today.

“Icelandic society now faces a greater wealth of opportunities than at any time in its history, and at the same time those projects demand future vision and steadfastness. In recent years the Independence Party has led the great transformation occurring in the nation’s educational, cultural and scientific affairs.”

Again, there is a declaration of responsibility for the affairs of the nation. But the most interesting bits are found in the chapter Trustworthy and responsible economic policy. There the party offers its vision for the future while accepting responsibility for the position Iceland finds itself in. After all, the party had lead the government uninterrupted since 1991.

“The Independence Party’s economic policy has brought the general public the best quality of life in the nation’s history. The purchasing power of the disposable income of households has increased by 60% since 1995, and, at the same time, the State Treasury has eliminated nearly all its foreign debt. Increased freedom of trade, the privatization of state companies and tax decreases have revolutionized the economy for the better. Icelandic companies and individuals now have better possibilities than ever to utilize the nation’s manpower and natural resources for the benefit of the entire society.

Under the Independence Party’s leadership, unemployment has been the lowest of any nation in the world. With purposeful measures in economic and employment affairs, we can ensure that this will continue to be so.

The Independence Party will continue to ensure that Icelandic companies shall have the most competitive operating conditions possible. Money can now be transferred between countries on short notice, and countries not creating an advantageous operating environment will risk losing companies, people and money to other countries. It is important that operating conditions for companies in Iceland ensure the build-up of Icelandic companies and attract operations from abroad.

Tax decreases in recent years have unleashed great forces multiplying the State Treasury’s tax revenues. In the next election period the Independence Party will continue seeking ways to decrease taxes on individuals and companies. A vigorous economy is a prerequisite of being able to continue build-up in educational affairs, communications and transport and health and social affairs.

The Icelandic economy will increasingly be characterized by knowledge creation and expansion abroad. Collaboration between the economy and the Icelandic universities is a key to improved results in innovation and business operations. Icelandic companies compete hard with foreign companies, both in Iceland and abroad, and over the next several years intellectual, technical and practical knowledge will play a determinative role in the prosperity of Icelandic companies. The Independence Party will therefore continue its best efforts to strengthen scientific and research activities, in both the country’s universities and the economy. Education and science generate ideas, opportunities, new companies and jobs.

Following privatization of the state banks, financial activities have grown greatly and have now become one of the main pillars of the Icelandic economy. Financial activities are an international knowledge industry, and it is therefore very important that their environment be tailored to their continued strengthening in Iceland. The importance of strong banks for other business operations in Iceland is undisputed, and the general public’s increased access to loan capital without the intercession of politicians is also positive.

The Independence Party emphasizes maintaining the utmost constraint in government operations and the need to take every precaution that taxpayers’ money be utilized as well as possible. Prudence and circumspection in government finance are a primary necessity, and it is urgent that the ratio of government activity to the national product does not exceed what it currently is.“

Can it be said that the party’s intent in economic issues has not lived up to expectations? The party’s general meeting will be held later this month. It will be interesting to see if the members of the Independent Party who signed off on these statments of intent are going to re-elect the people who have held the reins in the past few years.