Friday, January 7, 2011

2011: The Year Japan Defaults or Gets High Inflation?

From Bloomberg:

Japan’s top government spokesman said the country’s fiscal situation is “approaching the edge of a cliff,” underscoring Prime Minister Naoto Kan’s call for a national debate on raising the 5 percent sales tax.
Kan is “expressing his deep sense of crisis and resolution about the sustainability of social security as the aging population increases under a low birth rate,” Chief Cabinet Secretary Yoshito Sengoku told reporters today in Tokyo. “The supporting fiscal conditions don’t allow for any delays, it’s finally approaching the edge of a cliff.”
The prime minister last night said in an interview with TV Asahi that he would “stake my political life” on addressing Japan’s rising social welfare costs and increasing public debt. The day before he said “now is the time” to face these problems.
No. I think now is the time to make a vote of "no confidence" and hold an election vote out these clowns. You never hear about government cutting expenditures, only more taxes. These people have to go. They are too beholden to vested interests.

1 comment:

Anonymous said...

Heck yeah! I think anyone who is not worried - or at least thinking about - their financial future is not paying attention.

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