|Japan Set for Massive Deficit Spending Spree|
|by Tom McGregor||Sun, Dec 16, 2012, 10:14 PM|
Although Japan struggles with mountains of national debt, the newly elected Prime Minister of Japan pledged to follow in the footsteps of the French Socialist Party by raising taxes and government spending measures.
If the strategy helped get President Barack Obama re-elected to the White House then Shinzo Abe hopes to become the Japanese Santa Claus as prime minister.
According to the BBC News, “Shinzo Abe says his party has a ‘heavy responsibility’ following his landslide victory in Sunday’s election.”
His party, the Liberal Democratic Party won nearly 300 seats and, with its coalition partner, appears set for a two-thirds majority in the lower house.”
As reported by the BBC, “shares rose early on Monday after the win by Mr. Abe, who has promised more public spending and says he will implement measures directed at weakening the yen and fighting deflation.”
Needless to say, President Barack Obama congratulated Mr. Abe on Sunday for promising to increase Japanese deficit spending.
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