Robert J. Samuelson: Japan offers lessons for struggling U.S. economy

Finally, both Japan and the United States have huge government debts — reflecting slow growth, aging populations and "stimulus" programs. In Japan, gross government debt exceeds 200 percent of the economy (gross domestic product); the comparable U.S. figure is about half that. So far, both governments have borrowed easily. Japanese investors seem willing to hold government bonds; global investors trust U.S. Treasuries. But both governments someday face a reckoning of reducing spending, raising taxes or both.

For Americans, the lesson from Japan is that the loss of economic dynamism changed both the nature of its prosperity and the national condition. Younger workers face fewer good opportunities; often they are shunted into low-paying, temporary jobs. This is surely one factor (but only one) in the low birth rate. Political leaders find it harder to make tough decisions in a weak economy, and their indecision contributes to the economy's weakness. It happened to them. It could happen to us — and maybe already is.

Robert J. Samuelson is a Washington Post columnist.