Are we turning Japanese?

A recent Downsizer Dispatch mentioned a New York Times article about how a 1980's housing bubbler burst in Japan cuase economic turmoil that lead to huge domestic government spending - just as is happen in the United States today. So what happened in Japan? It seems that the spending gave Japan a HUGE debt. The economy was lifted too, but not by all the spending on construction projects and the like. It was instead lifted by an expensive cleanup of their debt-ridden banking system and increased export to to the U.S. and China which did the trick.

So if we are to learn from the Japaniese example, we should not pass these infrastructure spending bills - they will do nothing but create debt, and increased taxes for the next generation, which is myself and my kids and grandkids. We should instead stop barrowing money, pay off all our debts, and pass laws that make in much easier and cheaper for Americans to make things and export them to other countries.

In Liberty from Bergen, Hordaland, Norge,

Christopher D. Osborn

Sourse:

Are We Turning Japanese? - DownsizeDC
Can We Learn from Japan? - Cafe Hayek
Japan's Big-Works Stimulus Lesson - NY Times