quote of the day

The largest problem Japan’s fiscal debt faces is its social security conundrum.


Former Economy Minister Heizo Takenaka, who is now a professor at Toyo University. He says Prime Minister Shinzo Abe should abandon a scheduled increase in the sales tax this year as it risks pushing Japan’s economy into recession and hampering efforts to generate stable inflation

© Bloomberg

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We all pay cash for our social security, and the fees are substantial. It's not free, like in many other developed countries. Why is there such a huge hole in the accounts, I wonder?

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I thought he advocated a 17% consumption tax in the Koizumi days, but my memory may be failing me.

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Well I can't seem to dig anything up on that 17% figure. Unless we go into a deep recession(possible!), 10% should be doable.

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