April 26, 2012

Think Things Are Bad in Japan? Wait

Jared Diamond, Bloomberg

AP Photo

Japanese economic problems are serious and getting worse. Foremost among them is the crushing burden of government debt. The ratio of government debt to gross domestic product, currently about 2.28, is by far the highest in the industrial world, almost double that of even Greece and Italy, and steadily growing. Already, the combined costs of interest on that debt and social security are approximately equal to total government tax revenue.

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