politics

Japan to end crisis-mode big spending, spur wage growth

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"End crisis mode spending"......... Japan has been in crisis mode spending since the bubble popped, and nothing has changed.

More BS propaganda!

6 ( +15 / -9 )

How about raising the minimum wage, for starters? Tokyo's minimum is just over $1,000 per hour. That's half what it is in NYC.

Won't happen though, at least not substantially.

7 ( +11 / -4 )

Japan to end crisis-mode big spending, spur wage growth

The richest have already gorged on publicly funded stimulus and monetary easing while the public received almost nothing?

https://www.oxfam.org/en/press-releases/ten-richest-men-double-their-fortunes-pandemic-while-incomes-99-percent-humanity

So now time to see it there is enough left to bail out struggling workers?

What a disgusting and disingenuous propaganda line.

2 ( +9 / -7 )

Ditto Yubaru.

If anything, they have been doing such bloated gov spending even before the bubble popped, it just wasn't yet called a "crisis"

But good luck reducing this inflated spending. Now there are so many people, industries, municipalities, and zombie companies that are fully dependent on this public spending, (where for many it is their main if not only source of revenue) that any reduction would mean job cuts, pay cuts, site closures, and/or bankruptcy.

So many of these entities have no idea how to actually earn income within the private sector anymore, and the only thing they are good at is submitting bids to for government-backed projects which produce little or no revenue, and more often than not, these entities specifically influence the government to create these unnecessary projects just so that they can continue to get more "work" in order to keep their otherwise unnecessary staff paid and employed. I see this all play out first hand on a daily basis.

8 ( +10 / -2 )

Despite its debt being more than twice the size of the economy

What!!!!!

4 ( +7 / -3 )

The LDP has been in power for several decades so why is Japan’s economy in such a pitiful state and getting worse going forward?

-1 ( +7 / -8 )

This Govt. takeover mentality is cancer destroying the economy. There is no country that hopes Govt. will build a better more prosperous future.

Rather, countries need to spur investment and innovation that leads to gains in wealth and productivity. That's the magic. Just look at Dubai or Singapore? Govt. basically like an office manager, helping to enable greater output!

Consider absurd semi-conductor consortium or BOJ ETF purchases, simply put, Govt. taking the financial risk on behalf of feeble pathetic companies. You think such companies can attract serious TALENT? Think twice, nobody' talented working for Govt. controlled zombies.

-3 ( +4 / -7 )

empty talk as always.

get more votes.

thats all.

they will do NOTHING.

-1 ( +8 / -9 )

"In fiscal 2024, it will check on the progress of economic and fiscal reform, reviewing how the country's fiscal rehabilitation should proceed."

We know the review result already - primary balance surplus will be pushed out to 2030-35. As per manual.

the government has ramped up spending to help struggling Japanese households cope with the negative impacts of the COVID-19 pandemic and Russia's war on Ukraine"

Oh please, apart from the one time 1 man yen per person payment ( compared to thousands given to citizens in other advanced countries ) , all the other spending was aimed to help mainly at big business. Politicians such as Suga even said people who needed help should help themselves or ask relatives.

"We expect the Bank of Japan to achieve its price stability target of 2 percent in a sustainable and stable manner in view of economic, price and financial conditions, accompanied by wage increases," 

Same has been said since Mr. Abe became PM。Pie in the sky.

2 ( +5 / -3 )

Stock prices tell we are already in that new splendid bubble economy. lol

But fun aside, that’s the way to do it, although I guess they don’t have the courage for that. Helicopter money , then everything grows, from birth rates, to innovations to whole economy, and related to that growth reversely taking the given helicopter money again out of the pool , step by step and not strangling the bubble economy. That’s how to do it, and it brings long term and constant wealth, happiness and of course also pays the accumulated debts easily. But as I said, you need the will and courage for initiation and ignition. Who could that be who has the will and power to solve the problem catalogs once and for all?

2 ( +3 / -1 )

Last decade, LDP regime hasn't realized policy that help people at all.

They only exploit from people then and from now.

0 ( +4 / -4 )

Just a thought, buy why not automatically index minimum wage to 35 hours per week work that can:

1) afford rent within 30 km radius of work at 30% of wage

2) afford groceries at 5% of wage

3) afford utilities at 5% of wage

4) afford education at 10% of wage

4 ( +4 / -0 )

Cont:

Such a Plan would actually encourage more development outside the core (Tokyo) as businesses want to pay workers less and earn a bigger profit. Since pegged to local price index, especially in rent/mortgage, businesses would build more in other locations.

3 ( +3 / -0 )

"We expect the Bank of Japan to achieve its price stability target of 2 percent in a sustainable and stable manner in view of economic, price and financial conditions, accompanied by wage increases," the document said

Do they have George Orwell writing for them? Is this the Ministry of "Truth"? A 2% increase every year is the exact opposite of "price stability"; it is a commitment to having prices rise every year, ensuring that the wage-earning working class gets poorer every year while the rich, who have many vehicles to insulate themselves from inflation and even profit from it, get richer still.

4 ( +4 / -0 )

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