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7 comments

1 aagcobb  Sun, Oct 14, 2012 9:44:07pm

The United States isn't even close to being Japan. For one thing, our population is still growing, while the Japanese population is shrinking and aging rapidly. Second, while our government debt has gone up, overall debt is down significantly as the American people have been getting their debt down. Third, our tax rates are at extremely low levels; once we get back to full employment not only will the need for public assistance drop, but we can let the Bush tax cuts, especially those for the rich, expire, and the deficit will drop significantly. Austerity now is a recipe for inflicting unnecessary suffering on ordinary people, and failing to invest in the future, in order to transfer more wealth to the 1%.

2 dragonath  Sun, Oct 14, 2012 9:45:27pm

Okay, who is this Charles Hugh Smith guy? He seems kind of cranky.

Apples and oranges. What the article doesn't mention is that Japan has consistently run a trade surplus and unlike the US, has huge foreign currency reserves. And, we're talking about a country that is most likely overcrowded and has few natural resources of it's own.

3 dragonath  Sun, Oct 14, 2012 10:13:22pm

I think it's worth noting that Japan kept interest rates higher than they ought to have been in the aftermath of the crash and instituted a VAT tax in 1989 (oddly enough, this particular fact is missing from Wikipedia).

Japan also has bizarre corporate welfare schemes, which I won't get into here. The bottom line is that Japan has a public debt of 200%.

By comparison, the US only has a public debt of 60%, lower than Germany and Canada.

4 blueraven  Sun, Oct 14, 2012 11:11:11pm

Oh hell, I thought we were turning into Greece. So confused.
//

5 researchok  Mon, Oct 15, 2012 12:07:27am

re: #1 aagcobb

re: #2 dragonath

All true- but take away the politics and look at the numbers:

You see what's happening: tax revenues are unchanged from seven years ago while interest and Social Security costs increase dramatically as the debt inexorably expands and more retirees qualify for Social Security.

Both Obama and Romney agree the spending status quo has to change.

They may argue about just how to do that but the fact they both acknowledge what worked in the past will not work now.

And that has a lot less to do with politics than it does with demographics.

6 Varek Raith  Mon, Oct 15, 2012 4:23:39am

Supply side economics is a complete failure.
We've had 30 years of this experiment.
Once the GOP realizes this we'll be better off.
Also, stop the unpaid wars and crazy and unnecessary increases in the defense budget.

7 Varek Raith  Mon, Oct 15, 2012 4:25:16am

The GOP has said no tax increases ever, ever, ever! No matter what!
You guys can't be taken seriously on economics.
Them's the breaks.


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