Japan's stagnation a cautionary tale for the U.S.

The New York Times' Martin Fackler and Steve Lohr write that Japan's experience in responding to a financial crisis is that you need to restore economic growth before you worry about deficits.

Japan failed to restore growth. The result has been two decades of stagnation.

This is a cautionary tale for U.S. policy makers from both parties who have all but abandoned any attempt to jump start the economy.

I blogged about this in response to a Milwaukee Journal Sentinel op ed piece almost two years ago.

The entire NYT's article is linked.