Japan's economy stalls as incomes, spending languish
Did the government here really think at any time people were spending less and hurting the economy because they were hoping things they wanted to buy would cost less later on due to deflation? I want someone to tell me if that truly is the case, as this article states. I have this suspicion people have been spending less and saving more because they're simply tight with their money, planning for retirement, insecure in their jobs, worried about unemployment or economic hardship or generally pessimistic about Japan's future. Or in some cases, they work such long hours they don't have time for recreational spending and simply limit themselves to necessities like rent, utilities and food.
You mean news stories about how the "bubble" popped a generation ago and Japan's economy has never bounced back and all those extra hours of unpaid "overwork" at the office and the paid leave workers are either not allowed to take or can only use one or two days at a time spread throughout the year doesn't put them in the mood to go crazy and lavish themselves and their families with a lot of consumer goods and luxury items?
Splurging means Uniqlo or Seiyu these days.
People did briefly go on a spending spree in anticipation of the consumption tax increase. They were goaded into by news stories leading up to the big change. You know, on the government-operated national television network. They made it seem that way, anyway. Probably in someone's vested interest to do so. Afterwards, people were more like, "Wow, stuff's so expensive now. Better not splurge because we can't really afford it."
It seems every time there's a problem here the solution bandied about consists of "Continue doing what we did before... ONLY HARDER!" If we all just work longer hours and toe the line more firmly then the nation's future is assured!