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It wants to cut spending on public works, but raise consumption taxes to fund better pensions.
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His is acute in pointing out that the debate over raising the consumption tax to fund old age social welfare programs is missing the critical issue which must be to restore economic growth.
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Debt becomes more of a problem when it is used to fund current consumption.
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There he ignored the basic truth that no act of saving detracts from demand, and if the Chinese choose to save, their savings will either fund the immediate consumption of others or, even better, the creation of new businesses reliant on the savings of others to grow.
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If you wanted to focus on investment, rather than consumption, he adds you could use the money to fund generous new investment allowances for UK businesses, instead.
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To fund this growth, there is already a government-DPJ decision to increase the consumption tax to 10 percent by the middle of the decade.
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It's that demand for a high return that is keeping the fund from investing in wine retailing and distribution in Asia, despite the fact that wine consumption has risen from 0.1 liter per person annually in 1987 to as much as 3 liters today.
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As with Obamanomics, the unspoken understanding, or desire, of the technocrats is to fund additional incentives, as well as to pay for the welfare state, by raising the consumption tax (national sales tax) from the current 5 percent to something much higher.
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The fund also urged China to reduce its reliance on investment to boost growth and instead focus on domestic consumption in the country.
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