The BBC has a story on Japan’s economic situation that is positively depressing. I thought we had it bad here in America, but our problems pale in comparison. A national debt approaching 200% of GDP and a budget that anticipates actually borrowing more than the tax collections it projects. No wonder the finance minister quit due to exhaustion.
Of course, that’s bad news. The worse news is things are going to get worse when the demographic time bomb hits. It’s projected that, by year 2040, 40% of the Japanese population will be over 65.
Yikes.
