Well obviously not. Clearly if you cut spending, well being will decline. This is unavoidable. If me and my family are spending more money than we make, so that we are going deeper and deeper into debt.... there is only one of two options... keep going until we end up bankrupt, and then lose everything..... or we cut as much as is required to get our spending under the level of our income. And that means less cells phones... less movies... less eating out.... less vacationing... less amusement parks... maybe even smaller car, older car, and the kids are getting cards for Christmas. Overall well being is going to be affected. But again... the alternative is that you just keep going until the economy implodes like Greece. Would you rather have care you pay for, or have health care that is closed? I still have pictures of Greek hospitals and clinics with the bars over the door, because there was no money, and it was closed. Would you rather have less retirement, or zero retirement? I still have pictures from Greek pensioners, on the ground outside state run banks, crying because the banks had no money at all. Same is true of the rail system. Do you want fewer trains that cost a bit more, but run on time? Or closed stations? So again, my point to the Japanese people would be, it's going to change. The question is, are you going to make reasonable cuts that are painful, but not utterly destructive to the economy? Cuts that you control? Or do you want to be like Greece, and literally run out of money, and have foreigners enforce cuts on you, because you are slave to the lender, and in the mean time have your entire country resort to burning wood, because people can't even afford natural gas heat? Smog shrouds Athens as Greeks choke on fuel bills One of the few first world countries to have a smog alert from people burning wood, because the economy imploded. And by the way, everything that is true of Greece and Japan, is also true of the US. If we don't figure this crap out, we will end up just like Greece.