Unlike other countries facing budget shortfalls, Norway has actually come out ahead in the current economic mess. It’s done so by avoiding some of the behavioral mistakes we’ve made in recent years:

• Norway has an 11% budget surplus; the United States is facing a deficit of $11 trillion (UPDATE: In the comments, Tim pointed out the distinction between the national debt and a budget deficit. I should have clarified I was referring to the national debt at $11 trillion versus a budget deficit.)
• Norway took the $68 billion it earned in oil revenues last year and added to its sovereign wealth fund; the fund is almost the largest of its kind in the world, even though it suffered a 23% loss last year
• Real estate prices didn’t crash because the mortgage system avoided excessive risk

Then, consider what Norway did last fall:

As investors the world over sold in a panic, [Kristin Halvorsen, Norway’s Socialist finance minister] bucked the tide, authorizing Norway’s $300 billion sovereign wealth fund to ramp up its stock buying program by $60 billion — or about 23 percent of Norway ’s economic output.

“The timing was not that bad,” Ms. Halvorsen said, smiling with satisfaction over the broad worldwide market rally that began in early March. (link)

Norway made it a point to budget, to save, and to protect against unnecessary risk. Then, it went on to buy when everyone else was selling.

Norway is not perfect by any stretch. There’s still debate about the impact of it’s social programs on work ethic and how long the good times can last. However, it’s worth noting that when compared to other countries, or individuals, Norway makes an excellent case for the benefits of good financial behavior.