Summary of Japan's Lessons for America's Budget Warriors


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Japan's Lessons for America's Budget Warriors summary
Do Japan’s 20 years of economic stagnation offer any lessons to the United States?


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The US’s sluggish recovery from the 2008 financial crisis mirrors in many ways Japan’s post-1990 economy. However, their experiences are not identical. Thus, America’s ailment requires a different prescription. Economic consultant John H. Makin offers a cogent explanation to why the US shouldn’t swallow the same medicine as Japan. His text is highly detailed, but it provides a thought-provoking comparison with Japan and sheds light on many aspects of fiscal crises. getAbstract recommends this article to US policy makers seeking a model to emulate and to observers of the global economic recovery.

In this summary, you will learn

  • How America’s and Japan’s economic situations are similar,
  • How they differ, and
  • What lessons Japan’s experience can offer the US.


America’s faltering post-2007 economy resembles Japan’s post-1990 economy: Both crises manifested from a bursting property bubble, and both nations have faced soaring public debt and deficits coupled with falling interest rates. However, Japan has “suffered more intensely” than the US, and its crisis...
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About the Author

John H. Makin is a former consultant to the US Treasury Department, the Congressional Budget Office and the International Monetary Fund.

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