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 More statist insanity: Japan lower house passes record trillion-dollar budget

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RR Phantom

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More statist insanity: Japan lower house passes record trillion-dollar budget Vide
PostSubject: More statist insanity: Japan lower house passes record trillion-dollar budget   More statist insanity: Japan lower house passes record trillion-dollar budget Icon_minitimeWed Mar 03, 2010 1:35 am
Japan's lower house on Tuesday passed a record trillion-dollar budget that will add to an already bulging public debt mountain as Tokyo tries to stimulate a recovery in the world's second biggest economy.

The Y92.3 trillion ($A1.15 trillion) budget includes new child-care allowances, free public high school tuition and other measures promised by the centre-left government that took power in September.

To finance it, the government will issue a record Y44.3 trillion ($A552.13 billion) in new bonds.

The Organisation for Economic Cooperation and Development has warned that the public debt, bloated by repeat bouts of stimulus spending, will soar to 200 per cent of the country's gross domestic product by 2011.

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