Wednesday, March 04, 2009

Cultural difference noted

Cash handout? Stupid, wasteful idea, Japanese say

From the report:
Prime Minister Taro Aso is touting a one-time cash handout of 12,000 yen as the centerpiece of a stimulus package to revive the world’s second-largest economy, mired in one of its worst slumps since World War II.

But polls show that most Japanese oppose the idea—though many confess they’ll take the money anyway.

They argue that most people will just save the money, not spend it. Others say it’s a shortsighted plan that exacerbates the government’s ballooning budget deficit.
(That's about $190 AUD by the way.)

A telephone poll indicates that 75% disapprove of the idea.

In Australia last month, 57% of people surveyed by Newspoll approved the stimulus package (including cash handouts of $900.) (Well, they thought it would be good for the economy, at least.)

Take now, pay later.

1 comment:

Caz said...

The Japanese know themselves, they will save it.

They have been saving, not spending, since their economy went sour in the 80s (was it that far back, or was it the 90s?).

The Japanese gov't built no end of utterly useless infrastructure for a decade. It didn't really help the economy, but they now have a lot of bridges to nowhere.

The Japanese continue to save.

They're not silly, but the self-fulfilling prophecy has kept their economy down. Unlike the West, they don't seem to have the "spend until it hurts" gene, even in good times.

No surprise that they disapprove of this give-away. Each economy is different.