VOX POPULI: Balanced budget happened in feudal times, so why

VOX POPULI: Balanced budget happened in feudal times, so why not today? | The Asahi Shimbun: Breaking News, Japan News and Analysis

During the mid-Edo Period (1603-1867), the feudal domain of Yonezawa-han found itself in dire financial straits. Its territory had been reduced by the Tokugawa Shogunate, and not even repeated austerity ordinances could mitigate the fiscal hemorrhaging. The domain’s debts soared to five times its real income, making even payment on interest difficult.

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