Posted by: Tony Carson | 3 November, 2009

It isn’t just the sun rising in Japan

Wow, is Japan ever in deep, deep do-do.

In 2009, Japan’s budget deficit — the gap between spending and taxes — amounts to 10 percent or more of gross domestic product (GDP).

The total government debt — the borrowing to cover all its deficits — is approaching 200% of GDP.

That’s twice the size of its economy.

The mountainous debt reflects years of slow economic growth, many “stimulus” plans, an aging society and the impact of the global recession.

By 2019, the debt-to-GDP ratio could hit 300%, says a report from JPMorgan Chase. — WashPo

Hate to say this but I might be doing better than the Land of the Rising Sun.

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