Betting on Japan’s Legalization of Gambling

All around the world, same song.   And by “song,” I of course mean “economic motivators.”  It seems that every country in the world faces the same problems (yawning budget deficits) and is looking to the same solutions (raising revenues through unconventional means).

Tired of seeing their citizens leave their yen on the gaming tables of foreign casinos, the Japanese government is strongly considering making a bet of its own by legalizing gambling.   Any moral qualms aside, it makes sense.  Japan is the most highly-indebted developed country in the world, and its budget deficits routinely top 8% of GDP.  Closing the gap through tax hikes or spending cuts risks weakening an economy that is perpetually on the cusp of recession; better to raise revenues by less conventional means.

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