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Japan’s Big-Works Stimulus Is Lesson for U.S.

Published: February 05, 2009 by GoldInvestor

Quote:

"Japan’s rural areas have been paved over and filled in with roads, dams and other big infrastructure projects, the legacy of trillions of dollars spent to lift the economy from a severe downturn caused by the bursting of a real estate bubble in the late 1980s. During those nearly two decades, Japan accumulated the largest public debt in the developed world — totaling 180 percent of its $5.5 trillion economy — while failing to generate a convincing recovery.

Now, as the Obama administration embarks on a similar path, proposing to spend more than $820 billion to stimulate the sagging American economy, many economists are taking a fresh look at Japan’s troubled experience."

GS Comments: It’s nice to see the mainstream media pickup on some of the consequences that we might face if this uncontrolled spending doesn't stop.

Full article: http://www.nytimes.com/2009/02/06/wo...a/06japan.html

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