Worth a thousand words
Posted by ampontan on Friday, May 21, 2010
DONALD MARRON has a blog post about the governmental financing needs of the advanced economies. He used the current data to create a bar graph, which says more than any thousand words I could string together:
Some suggest that Japan doesn’t have to worry until the national debt exceeds the national savings, but that’s not how I see it. The national savings of any country belong to the citizens, not to the politicians to use for legal vote-buying schemes.
It’s also worth noting that the Koizumi/Abe administrations nearly got the debt under control, and a balanced budget was within reach–until the Aso administration used an economic crisis to try to buy off the electorate, and the Hatoyama administration made things even worse by trying to cement their party’s hold on power.
Here’s the full Marron post, which is short and written from the American perspective.