Japan National Debt Crisis Mirrors US
As we wake the Christmas day after we wonder what has become and what will be. For those of my critics about harping on the national debt and deficit we want you to understand we are not alone. The Japanese government approved a record trillion-dollar budget for the next fiscal year that encompasses welfare to help with their tremendous economic problems. They are hearing the same thing about a scale of new spending to the government huge debt. Prime Minister Yukio Hatoyama, has been trying to find a balance between a budget big enough to begin an economic recovery while keeping the new lending in check. He is urging the public to stay focused on the task of rebuilding an economy recovering from its worst recession since World War II. The record $1 trillion budget is allocating more to welfare and education at the expense of public works projects. The plan is spending will encourage households to consume more, offering a much-needed boost to the economy. Japan will issue fresh debt worth a record $485 billion, this brings Japan’s public debt to about $9.4 trillion, or 181 percent of gross domestic product, at the end of March 2011, by far the highest in the industrialized world. They are dealing with same issues a plunge in tax revenue as Japan’s export-oriented economy has declined in international trade brought on by the global economic crisis. There are only tax receipts of $405 billion, less than half the government’s budget, forcing the government to borrow more than it receives in revenues for the first time in over 50 years.
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