For the past two decades, Nordic social policy has been subject to a range of serious challenges, among which economic problems and critiques by neo-classical economists have been most prominent. This article raises the question whether Nordic social policy has significantly changed during this period of challenges. Based on an empirical analysis of social expenditure data and three central social security programs, this article provides evidence that changes in Nordic social policy over this period have, in fact, been relatively minor. Indeed, the four welfare states of Denmark, Finland, Norway and Sweden have shown remarkable resilience considering the harsh challenges that they have been exposed to since the early 1980s.