Japan to give children under 19 $880 cash handout
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READING:
Japanese children may soon be smiling and have money in their pockets. Japan is planning to give ¥100,000 ($880) to all children under the age of 19 as part of a covid stimulus plan. Around 20 million children, from babies to 18-year-olds, will get the payment. This initiative is part of an election pledge from Japan's Prime Minister. He vowed to help "people in need," such as part-time workers and poorer families. The money will be given regardless of the financial status of a child's family and how many children are in a family. The plan will cost around ¥2 trillion ($17.6 billion).
The stimulus package has its critics. Many people have reservations about it when Japan has so much debt. Its debt is currently more than twice the size of its economy. Sources say the cash is available for the stimulus because of a surplus of funds from fiscal 2020. Skeptics are questioning the plan. They say most children will not be buying high-cost items, dining in upmarket restaurants or going on holidays. Most of the money will end up in savings accounts. One mother of three welcomed the plan. She said her children would benefit because they will buy new computers.
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