Japan and the Highest Debt Rate in the World: LDP Political Family Disaster


Japan and the Highest Debt Rate in the World: LDP Political Family Disaster

Kanako Mita and Lee Jay Walker

Modern Tokyo Time

The government of Japan is plagued by the worst debt ratio of any country in the world. However, national budgets and stimulus packages continue to grow – including military spending – while helping Ukraine and countless nations through big projects.

The new leader of the Liberal Democratic Party (LDP) must outdo the other in wasting hardworking taxes on international projects and propping up the financial system. Thus, in international meetings concerning the environment, the G-7, the United Nations, national one-on-one talks, the international coronavirus project, etc., considerable sums are provided by the leaders of Japan. . However, people at home face growing anxiety over wages, the pension system, low birth rates, insufficient minimum wages, increased temporary work and other ills.

Under former leader Yoshihide Suga, the country of Japan provided just under an eighth of all money to the COVAX Covid-19 program at one point. It was $1 billion. Likewise, anti-Russian Prime Minister Fumio Kishida is creating an abundant source of money for Ukraine regarding his anti-Russian Federation project. However, with people suffering at home – and the low birth rate seen more than three decades ago – it looks like the LDP is just racking up the mountain of debt. Therefore, the central government of Japan abuses ordinary Japanese people’s hard-earned taxes on other nations regarding countless international projects.

America has the highest national debt of any nation in the world. This figure is around 30 trillion dollars. At the same time, despite 100,000 overdose deaths over a 12-month period for the first time in this nation’s history – and more than 500,000 homeless and a chaotic border – President Joe Biden’s government is also obsessed with external matters to the detriment of ordinary people at home.

The nominal GDP ratio in Japan is a staggering 256%. It is the highest in the world. Therefore, the debt ratio is about 2.5 times the total annual economic output of this country. Yet, like other recent leaders of Japan, Kishida announced the highest budget in history, including the highest military budget in Japanese history.

For the 10th consecutive year in Japan, the government announced the highest budget ever. Kishida in December announced a budget of about $940 billion in 2022. That’s about 20% of Japan’s GDP — and it’s the fourth year in a row. However, instead of tackling the debt crisis, the LDP is supporting mega-corporations linked to the high share ownership ratio and continuing to provide lines of credit to Ukraine and countless other countries – while wages remain static for about two decades for the majority of people. .

reports Reuters, “Japan’s debt-servicing costs would exceed 30 trillion yen ($261 billion) for the first time ever in fiscal 2025 if interest rates rise 1% more than expected, according to a draft of the Ministry of Finance (MOF) estimates…”

Despite three wasted decades – and the highest nominal debt ratio ever generated by a nation in the world – the LDP dominates political power, apart from a few hiccups.

This system – like the debt system and major international projects before resolving the domestic situation – is moribund and needs to be changed.

However, with the LDP family political system firmly entrenched – and around 45% or more not bothering to vote – it seems that “Play it again LDP Sam” will continue – but can the nation afford it?

Modern Tokyo News is part of the Modern Tokyo Times group

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John A. Bogar