politics

Stimulus steps cannot easily buoy coronavirus-hit economy: Abe

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HIS stimulus can't be very successful because a large portion of the handout money goes to people who don't need it. The wealthy and workers whose income is not affected by the pandemic will largely pocket the cash, not spend it.

Targeted stimulus works, indiscriminate stimulus, not so much. Abe deliberately chose the latter for political reasons, not economic ones.

7 ( +11 / -4 )

Why all the talk of the Great Depression? The economy here has been sputtering for 3 decades now. And that ¥100k for all? Not enough...not nearly enough. Even the $1200 going out to Americans is just barely enough to keep the pitchforks and torches at bay.

6 ( +8 / -2 )

aomorisamuraiToday  06:55 am JST

Why all the talk of the Great Depression? The economy here has been sputtering for 3 decades now. And that ¥100k for all? Not enough...not nearly enough. Even the $1200 going out to Americans is just barely enough to keep the pitchforks and torches at bay.

Good points but you forgot to mention that unlike in Japan, many Americans do not have to pay their rent, mortgage and/or utilities.

-2 ( +2 / -4 )

This was necessary as many other countries have done the same. It will never be enough, but it's better than nothing.

0 ( +1 / -1 )

Again, look at the numbers: before the revision to the new scheme of 100,000 for all it was 108 trillion with 4 trillion going to workers and households. Similar numbers in America. Like in other bailouts, "let no crisis go to waste" and the fat cats will end up with the lion's share of the pie.

4 ( +5 / -1 )

"If we engage in economic activity, it will affect people's health and life. Unfortunately, we're not in a situation in which stimulus steps will immediately work," Abe said

On the other hand, taking no action at all, but continuing to simply talk about it, is also NOT immediately, or EVER, going to work.

5 ( +5 / -0 )

People die not only from the viral infection but from unemployment and bankruptcies and shops going out of business. Japan has enough resources to contain the virus outbreak and bolster its economy at the same time. Abe will be remembered as the worst prime minister Japan has ever had,

6 ( +7 / -1 )

The U.S. is already easing quarantine restrictions due to economics and the unwillingness to pay for unemployment.

This is bad and will result in more deaths.

Take heed and warning Japan and watch what happens in the U.S.

I sincerely hope I am wrong.

0 ( +4 / -4 )

many Americans do not have to pay their rent, mortgage and/or utilities.

That is not true. Only in some areas and certain cases are payments being TEMPORARILY put on hold. The money will still to HAVE be paid in full at a later date. And people will not have the money to pay.

1 ( +1 / -0 )

Prime Minister Shinzo Abe said Tuesday that stimulus cannot provide an easy cure for the coronavirus-hit economy..."If we engage in economic activity, it will affect people's health and life. Unfortunately, we're not in a situation in which stimulus steps will immediately work"

Normal people aren't asking for an immediate economic cure, we are asking for support so we can pay bills and buy food.

6 ( +6 / -0 )

It's been about 4 months since people lost their jobs and closed businesses.

If Mr Abe and his clowns want to accelerate recovery one way to it is to put cash in peoples pockets, otherwise people have to go to work to make ends meet.

YOU can't ask people to STOP going to work without providing their daily survival CASH Sir.

3 ( +5 / -2 )

Abe has to go fast. Just like Hoover had to go during the great depression. Just like Hoover, Abe also doesn't care about the commoners and that will cost him dearly.

Also, while Japan could quickly escape the great depression through keynesian measures and by quickly leaving the gold standard so to generate inflation, this is not possible in the current situation. Abe sits in the same boat as other nations. So there is no quick escape route this time.

1 ( +1 / -0 )

Oh and by the way Abe, this is on YOU.

While the virus was allowed to spread around the country from January to March, you and your government did nothing. All you were interested in was trying to make everything sound rosy to protect the Olympics. All around the world you could see how the virus was spreading and placing huge strain on businesses as well as health care systems. What did you do to prepare Japan during this time? - Nothing. You didn't start building any temporary hospitals. You didn't start procuring PPE. You didn't start testing people. You didn't start disinfecting train stations, foot paths, or anything like that. You didn't start trying to implement any official social distancing procedures in supermarkets, department stores etc.

Your actions, or lack of, are why we are where we are today.

You did send some people 2 masks. My pregnant wife and I got ours last week. They were dirty, and one of the straps was broken. Thanks for that colossal waste of money.

You've apparently promised everyone a one-off payment of 100,000. When?

This is on you Abe, and your totally inept cronies.

13 ( +13 / -0 )

Also, he likes to do all the big talk about bold fiscal and monetary measures but still, when his own party suggested the idea of cutting (or even eliminating) the consumption tax for the time being he eventually rejected it altogether.

1 ( +1 / -0 )

Japan's economy may collapse for the second time after the Assets Bubble Crash of 1990s. An article on JT last time pointed that 40% of SMEs will collapse if the pandemic won't be taken care of by the end of the year. In 2019, there was already a regional banking crisis. Now, the Olympics will not be here for Japanese. Things increasingly look dicey against Abe and his cronies.

2 ( +2 / -0 )

Wht not return the $430 million wasted on masks to the public coffers, including your backhander?

4 ( +4 / -0 )

With Europe easing lockdown even though the numbers are high, it is increasingly clear governments around the world have no choice but to follow the Swedish model.

1 ( +1 / -0 )

Abe has no idea how to run a bath let a lone a country or economy.

What is really needed right now is for those who have been on the bread line and now find them selves on the economic waste heap to be given rent assistance, liveable allowance, help with utilities, car loans and other things they have had going on in their daily lives. So that when this virus night mare is over they can pick up their pieces of their lives and try to rebuild.

Pointless buying up large corporate shares as the guy who needs the economic relive right now wont see 1 yen of that money.

Help is needed on the front line, the workers, the ones who cant get to work now and lost their jobs because the place has had to close and their is no income stream any longer.

Many people do not have stacks of money in the bank to fall back on like abe aso and the others in govt and at the top of corporations have , most live month to month something that abe would have no concept of.

No work means no income, = nothing to spend - no money to pay the rent !

100,000yen in weeks time is too little too late , pathetic Abe & Aso shame on you.

1 million yen to each household to cover the last 6 weeks and the next two weeks should have been considered.

5 ( +5 / -0 )

expatToday 11:47 am JST

Wht not return the $430 million wasted on masks to the public coffers, including your backhander?

Or even the $90 billion wasted on that giant white elephant, the Maglev.

1 ( +2 / -1 )

Shinzo may be as much use as a chocolate teapot but he certainly knows how to look after his friends and supporters:

"The fourth, name withheld provider of the panned "Abenomasks" is a one man company with no history in the mask industry run by a Komeito supporter previously convicted of tax fraud. Incredible."

https://twitter.com/MichaelTCucek/status/1255239166503399440

Endless corruption, endlessly.

4 ( +5 / -1 )

I'm on forced unpaid time off, and the ammount of pay I've lost thanks to coronavirus is much more than ¥100,000. The only reason I'm able to pay my bills and buy food is because I got a loan from my mother, who thankfully has been able to keep working at home.

I think stimulus could at least help with the whole not becoming homeless and starving thing.

2 ( +3 / -1 )

Why does this lemming (Shinzo) continue to follow Donnie over the cliff?

Making government policy from watching reality TV is always a good idea (sarcasm)!

0 ( +0 / -0 )

So, where's my money brah?

0 ( +1 / -1 )

Same. Forced unpaid time off. Fortunately i can borrow some money to help for the next few months. Abe, too little too late. I should put that on a t-shirt. Might sell a few.

0 ( +1 / -1 )

Only if the stimulus is given to people as a universal basic income not a corporate bailout

1 ( +1 / -0 )

During the parliamentary session, Abe said Japan took bold fiscal and monetary steps to emerge from the economic malaise during the Great Depression that began with a market crash on Wall Street in 1929.

By the time Abe gets round to his ‘bold’

fiscal and monetary steps people will be starving in the streets!

0 ( +0 / -0 )

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