Japan’s ruling Liberal Democratic Party (LDP) is now considering throwing money at the public, in a desperate effort to shore up support as the nation’s economic foundations buckle further under global political pressure. The country’s residents, ranked lowest amongst 30 in terms of life satisfaction in a recent survey, could be given between ¥30,000 and ¥50,000.
Anyone who really knows politics knows that countries do not act, individuals do. And the individuals ruling both Japan and the US in the guise of “government,” seem to agree that fiscal recklessness at the expense of the populace is A-OK.
Japan’s LDP has just floated the idea of revving up the money printer to toss a few bread crumbs to struggling Japanese residents, in light of Donald Trump’s (currently “paused”) tariff trade war on the country’s businesses. “We have conveyed our concern and strongly asked (the United States) to review the tariff measures at various levels,” chief cabinet secretary Yoshimasa Hayashi was quoted by local media as saying at a Thursday press conference.
The money giveaway idea is also in answer to ongoing inflation in Japan, sources “familiar with the matter” reportedly said Wednesday (JST).
While Japan’s prime minister Shigeru Ishiba has said Trump’s 24% tariffs are “regrettable” in spite of the current 90-day pause, some residents view this concern as insincere. The PM loves dumping money into the U.S., and unmitigated spending when it comes to Japan’s defense budget. Ishiba has recently vowed to pour a staggering one trillion yen into U.S. initiatives, and to boost military spending in Japan, and military alliance with the United States government.
So what would the cash handouts look like? Well, between about ¥30,000 and ¥50,000 yen, or $200-$350 USD at current exchange rates. Not exactly a big help to people who cannot even afford rice anymore, and a reckless endeavor considering the current weakness of the yen, and the already loose money printing machine. Critically leading up to the current economic weakness was the mass creation of cash from thin air during the so-called “coronavirus pandemic,” as well.
The cash handout plan reportedly emerged after Hayashi asked LDP policy maker Itsunori Onodera to come up with some options to support the economy. Komeito, the LDP’s junior coalition partner, suggested Thursday that tax cuts would be a more effective measure, with the helicopter money as a mere stop-gap.
Amid all the economic woes, Japan’s residents have notably come in last place in a survey on happiness with quality of life, conducted across 30 countries. According to the survey, “the most common reason [Japan residents are unhappy] was their ‘economic situation,’ cited by 64%.”
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