This is actually in a purported economics column

The Japanese are famous for their savings and investments. But middle-income families can only save because they don’t pay enough tax for officials in Tokyo to provide basic services. Every year the Japanese government runs a 10% budget deficit, such that its accumulated debt is worth almost 250% of GDP.

The Japanese government considers that Japan suffers from a deficiency of aggregate demand. As do all sorts of other people like Paul Krugman, the IMF, OECD and so on. The solution to which is a Keynesian boosting of said demand. By government spending more than it taxes and borrowing the difference.

In what is supposedly an economics column a certain Mr. Inman tells Observer readers that in reality the Japanese government shouldn’t be doing that at all. It should, instead, be running a balanced budget and should thus raise taxes.

Just like he hasn’t been saying about the British economy this past decade.

Do these people just never bother to connect the dots?

The rest of the column is worse of course. It’s the starting gun in the argument that we’re all saving too much therefore the government should tax our wealth off us. The Spud will love it meaning all rational people will hate it.

9 comments on “This is actually in a purported economics column

  1. Connect the dots? Seriously?

    This is the same column approvingly it’s by Ritchie. The same Spud who thinks we don’t actually need taxes to pay for services, the same Ritchie who believes that we need a government defect but at the same time accuses savers of driving that defecit up.

  2. Which basic public services would these be? IIRC unemployment benefit in Japan is only paid for 6 months. Must be the pensions of all those mummified 100 year old grannies.

  3. “because they don’t pay enough tax for officials in Tokyo to provide basic services”

    Yeah, right. More likely they pay plenty to cover just the essential basic services, as in minus the HR dept wages and other assorted bollocks.

  4. I’m not sure I’m missing any basic services.

    I can drink the water from the tap. My shit ends up at the sewage farm rather than in the river. There’s no dogshit in the streets, no graffiti on the walls, almost no litter, almost no crime, we don’t lock our front door at night.

    Earlier this year I had a partial thyroidectomy to remove a benign tumour. Several rounds of tests (CAT scans, an MRI, three biopsies) seven hours of surgery and four days in hospital for recovery cost me about 800 quid to top up the state health contribution.

    I can buy my daily allowance, a bottle of red, a 1/4 bottle of whisky and a packet of Gauloise for 1000 Yen (call it 7 quid). I’ve cashed in my private pension and I’ve enough to keep me going until 95.

    Nothing missing there.

  5. “we’re all saving too much therefore the government should tax our wealth off us”

    No, no, Tim. Not your wealth. The Jews’ wealth. Steve Keen confirmed that for us yesterday.

    “Hitler understood monetary dynamics, which is why he wrote off so much German debt and ran huge deficits”

  6. Sadly so, with these people. The politics of ‘someone’s got your share’ always end up with the ‘someone’ being the Jews.

  7. What a shame the government wasn’t able to relieve the Scott Trust of the ‘mountain of wealth’ they received from selling Auto Trader.

  8. I thought that the underlying premise of the article is the one that always drives some on the left:

    “Your income is what we allow you to keep after the Government has taken what it wants”

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