Posted by
ApolloSpeaks on Monday, November 23, 2009 3:55:12 PM
Symbolic of America stooping to the level of Japan's failed public sector driven stimulus policies.
It just came to my attention that an error was made in my piece about Obama, Bernanke and the twenty year long Japanese recession (
see ). Linked to the piece was an outdated article written in 2001 about Japan's economic woes. The article I intended to link was from the New York Times of November 16 which you can see
here. Though the Japanese economy is showing signs of growth it is still in the doldrums; after 20 years of government stimulus and public works projects Japan is in a jobless recovery with unemployment expected to worsen.
However, Japanese consumers have an advantage over their US counterparts in that they have higher household savings and lower debt*. Despite small signs of improvement in consumer spending consumer confidence remains low in Japan and no action or intervention undertaken by the government has changed that. A good conservative analysis of the Japanese predicament can be found here. Obama bowing to the Japanese Emperor was emblematic of Obamanomics** repeating the mistakes of Japan's Two Lost Decades and dooming us to a prolonged recession or worse.
*Since 1989, the start of their Great Recession, private debt (consumer and business) has fallen in Japan while government debt has dramatically risen.
**Obamanomics (New Deal/Great Society spread the wealth big government 1960s liberalism) is leading us in the same direction (see).