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Good news! Consumption tax increase looks secured: "Noda, opposition clinch deal."

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  • #16
    This could be interesting. The U.S. could stand by and watch what happens before implementing any tax overhaul. The Democrats want to raise income taxes on the rich. Republicans don't want to raise taxes on anybody.

    A consumption tax increase spreads the pain to everybody, although it will be felt by the poor more than the wealthy.

    Odd that part of the problem Japan is facing is caused by skyrocketing healthcare costs. I thought Japan had nationalized healthcare. And I thought the reason everybody thinks Obamacare is a good idea is because it will stop healthcare costs from skyrocketing.

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    • #17
      Originally posted by ruserious View Post
      Odd that part of the problem Japan is facing is caused by skyrocketing healthcare costs. I thought Japan had nationalized healthcare.
      Not all that odd when one considers the aging population in Japan...
      "Population aging will lead to profound changes in economic growth prospects for countries around the world as governments work to build budgets to face ever greater age-related spending needs," said Standard & Poor's credit analyst Marko Mrsnik...

      While pensions look set to remain the biggest expense item in the budgets of advanced G-20 economies, health care will likely be the fastest growing expenditure in the coming decades. Without policy changes, health care spending in a number of advanced economies, such as Germany, the U.S., the U.K., France and Japan will increase by around 6% of GDP by 2050. We project that health care costs for a typical advanced economy will stand at 11.1% of GDP by 2050, up from 6.3% of GDP in 2010.

      The projected growth in health care costs as a percentage of the total increase in age-related spending in the coming decades illustrates the challenging upward trend in health care spending. It represents the majority of the total increase in age-related spending in more than half of the G-20 advanced economies. It exceeds 60% in a large number of countries, including Germany, the U.K., the U.S., France, Japan, Canada, Italy, and others.


      http://www.reuters.com/article/2012/...LA217020120131

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