“Another Keynesian Fail: Japan ‘Unexpectedly’ Falls Into Another Recession,” Tom Blumer writes at NewBusters:
There were several more of those infamous “U-word” (“unexpectedly”) sightings yesterday in the business press, as Japan — to the surprise of no one who has successfully avoided the Keynesian koolaid — reported that its economy shrank for the second quarter in a row, officially falling into yet another recession.
The Keynesian clowns who are running economic policy in the government of Prime Minister Shinzo Abe, and who describe their program as “Abenomics,” really thought that raising the country’s national sales tax by 60 percent from 5 percent to 8 percent would cause only one quarter of pain, that the country would return to a growth trajectory after that, and that it could handle yet another planned steep sales tax increase.
“Instead, here’s what happens,” Tom writes, along with the gory economic details.
Who could have predicted such results, except for, well, just about everybody who isn’t invested in FDR-era Keynesianism or its supersized Obama version, crony socialism?
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Related: “Where are all the startups? More on America’s economic calcification,” from James Pethokoukis of the American Enterprise Institute.