re: Japan's stimulus experience
Economists tend to divide into two camps on the question of Japan's infrastructure spending: those - many of them Americans, like Geithner - who think it did not go far enough, and those - many of them Japanese - who think it was a colossal waste.
Geithner who can’t even figure out how to do his taxes right even when experts on taxes told what he should do seems to think he knows what is best for the economy. Just like when he thought he knew what was best for his taxes. We know how the tax thing worked out for him. Even the current House and Ways says it can’t tell you how many jobs it will create.
Among ordinary Japanese, the spending is widely disparaged for having turned the nation into a public-works-based welfare state by making regional economies dependent on Tokyo for jobs. Much of the blame has fallen on the Liberal Democratic Party, which has long used government spending to grease rural vote-buying machines that help keep the party in power.
I guess the lessons of jobs by socialism policies haven’t sunk in either or they don’t care as long as they can keep people reliant on them for there true purpose, to get votes and keep power.
Goes in hand with the news I heard about the census bureau being moved from the non-political commerce department to the political White House overseen my Emanuel so they can draw new lines to ensure democratic votes and spend the money accordingly.
It’s all coming together.
