Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Politics : Formerly About Applied Materials -- Ignore unavailable to you. Want to Upgrade?

To: StanX Long who wrote (64115)	5/31/2002 3:37:24 AM
From: StanX Long	Respond to of 70976

Japan Running Out of Money to Pay Welfare as Jobless Rate Rises By Yoshiko Matsushita quote.bloomberg.com Tokyo, May 31 (Bloomberg) -- Japan is running out of money to pay welfare benefits to its growing legion of unemployed. The government's welfare fund will shrink to 144 billion yen ($1.15 billion) by March -- 3.6 percent of the 4 trillion yen it held four years ago, the Ministry of Health, Labor and Welfare estimates. Near-record unemployment and the breakdown of Japan's job-for- life system have pushed the number of people on welfare up by nearly a quarter, to 1.11 million, in the same period. Replenishing the fund by forcing workers to pay more unemployment insurance would dent consumer spending and prolong Japan's 12-year economic slump. ``The problem is getting worse every day as the job market keeps deteriorating,'' said Eishi Yokoyama, a strategist at AIG Global Investment Corp., who forecasts unemployment will reach 6 percent by March. ``It will dampen consumer spending. It's no good at all.''