"Japan’s Big-Works Stimulus Is Lesson" is A MASTERPIECE OF PROPAGANDA

New York Times Online | MARTIN FACKLER | Thurs- Feb 5, 2009

[...] Two decades of generous public works spending [...]

[...] During those nearly two decades, Japan accumulated the largest public debt in the developed world — totaling 180 percent of its $5.5 trillion economy — while failing to generate a convincing recovery.

Now, as the Obama administration embarks on a similar path, proposing to spend more than $820 billion to stimulate the sagging American economy [...]

In a nutshell, Japan’s experience suggests that infrastructure spending, while a blunt instrument, can help revive a developed economy, say many economists and one very important American official: Treasury Secretary Timothy F. Geithner, who was a young financial attaché in Japan during the collapse [...]

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