Japanization of the U. S. Economy and Political System

The Economist Magazine Describes it Perfectly

The economy of Japan is often referred to as having a “Lost Decade”.  The Lost Decade is now about 15 years old.  The term refers to the zero growth, high deficit Japanese economy that shows no sign of improving.

Japan is now having its sixth Prime Minister in six years.  Several years ago the opposition DPJ took over the government from the LDP and changed absolutely nothing.  A series of ineffective Prime Ministers resulted in no growth, no improvement and no change in the Japanese economy.  The most recent Prime Minister, Naota Kan was replaced with Yoshihiko Noda, who describes himself this way. 

“He admits his mediocrity, while comparing his bulging looks to those of the bottom-dwelling loach”

Admittedly The Dismal Political Economist is not familiar with the loach, but as The Economist says about this,

“Before he is dismissed as yet another has-been, at least it can be said that he has a nicely self-deprecating turn of wit.”

So what is this to do with the United States.  Well here is The Economist describing a country

“mired, with low growth, a national debt twice the size of the economy, an ageing population and a dwindling workforce . . . Today, factions simply maintain their power to thwart”

which could be either Japan or the United States.  Ok, it is Japan, but read the conclusion and see if much of this applies to the U. S.

“That Japan keeps going at all is no thanks to its politicians, but to a peaceable, cohesive people, one able to endure much, as the response to the tsunami vividly shows. But the flip side is unhealthy: apathy or cynicism towards the country’s politics, and a reluctance by voters to make hard choices,”

Yes, too much of it applies, and so the U. S. is in Year 4 of its “Lost Decade” with no end in sight.