Well, as a norwegian I am not so convinced. Sure, the government saves quite a lot, but that is because revenues are so immense it is hard to spend it all. If they had tried, the economy would quickly overheat, pushing up wages and inflation. There are a lot of signs this is already happening, and have for a long time.
Norway still has favourable demographics, with fairly few young people, few old people, and a huge working age population. Such a nation should be running huge surpluses, even without oil. It is not. It is running a 10 % deficit, exluding oil. There is nothing mustachian about Norway, income has simply risen faster than governments imagination on how to spend it all.
The people have mortgaged up to levels not seen in many other places. Consumer debt to GDP runs at 230 %, way way higher than what the US wa at before the crash in 2007.
