Japan Approves $116 Billion for Urgent Economic Stimulus

Japan Approves $116 Billion for Urgent Economic Stimulus

?We will put an end to this shrinking, and aim to build a stronger economy where earnings and incomes can grow,? Mr. Abe told a televised news conference. ?For that, the government must first take the initiative to create demand, and boost the entire economy.?

Under the plan, the Japanese government will spend about 10.3 trillion yen (about $116 billion) on public works and disaster mitigation projects, subsidies for companies that invest in new technology and financial aid to small businesses.

The government will seek to raise real economic growth by 2 percentage points and add 600,000 jobs to the economy, Mr. Abe said. The measures announced Friday amount to one of the largest spending plans in Japan?s history, he stressed.

This is kind of an amazing plan here, because either it works and the Japanese economy basically recovers or it doesn?t work and the government goes broke and inflation spirals out of control and serious long-term collapse ensues within like five years. There?s basically no middle ground, if this gets implemented. Huge respect for Japanese voters and politicians for willing to take a big risk like this.

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Source: http://jakke.tumblr.com/post/40372648946

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