FIGURE 9 PUBLIC DEBT AND DEFICITS AS A PERCENT OF GDP

This figure shows the relationship between public debt and deficits for several nations. Countries with high deficits tend to have high debt-to-GDP ratios. An aging population in Japan contributes to its high national debt. However, the willingness of Japan’s private sector to hold government bonds allows Japan’s government to finance its debt at low interest rates. Still, deficit and debt remain a major problem, so much so that Japan has stopped its tradition of bestowing a commemorative silver sake dish when a citizen celebrates his or her 100th birthday.

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