A peak into the future for Japan? Some people think that “deficits don’t matter” as Dick Cheney said in 2000, and the Washington Post reminded readers in 2004.  If you believe that, there is no need to read what follows.

The tax hikes are quite massive : apart the tax on house ownership which was canceled by Berlusconi government 3 years ago and so is just a comeback, there will be tax increase on revenues applied by each Italian region, there has been increase between 5 and 10% of fuel petrol, diesel, propane and methane.

Federconsumatori estimates that the sum of the all the austerity budget laws passed this year Berlusconi + Monti will reduce the spending power of a typical family of 7.6%.

via Mish’s Global Economic Trend Analysis: Explaining Italian Christmas Season Sales It’s Far Worse Than Previously Reported; How Various Austerity Measures Will Affect Spending in 2012; Emails from Italian Readers; Massive European Recession On the Way.