April 26, 2012
Think Things Are Bad in Japan? Wait
Jared Diamond, Bloomberg
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.