Banking the Stimulus
Posted by Jim Ivanoff
April 30th, 2009
The Japanese government recently started handing out cash payments of Y12,000 (C$150) per person across the country with the hopes that people would take this money and spend it and thus stimulate the economy. Most observers saw this as a blatant attempt to buy votes that was also doomed to failure as this country of savers would just run to the bank with the money.
Well, my families payments came while I was in Canada and my Japanese wife of course immediately deposited all of it into a special savings account. Unfortunately, I still have a lot of Canadian in me and I actually spent the money even before we got it! I think I will tell her that I did it for the sake of the country!