Yomiuri on the this year's fiscal budget
What are some of Japan's newspapers saying about this year's budget?
First the Yomiuri:
The shift in power brought about by the last general election has caused a sea change in the process of putting together a government budget. However, the budget for the next fiscal year devised by the Democratic Party of Japan-led administration indicates that the government is unchanged in relying on the issuance of government bonds and nontax revenue for resources to underwrite its budget. In fact, the next budget shows the government has become even more dependent on borrowing as a means of securing budgetary resources ... The current economic situation is so precarious it must be rectified by an underpinning fiscal stimulus. Given this, issuing new government bonds will be unavoidable. It is easy to see, however, that the government's chronic reliance on debt cannot be left unaddressed any longer if one stops to look at the government's fiscal crisis from a medium- and long-term standpoint. ... Despite this chronic revenue shortage, Hatoyama refused to budge from his plans to implement policies spelled out in the DPJ manifesto. This greatly delayed the compilation of fiscal 2010 tax reform plans ... Worryingly, huge sums have been allocated to policies apparently designed to impress voters ahead of next year's House of Councillors election, such as an income compensation plan for individual farmers.
Okay, so they feel the budge is too high and will cause long term problems, right. They also feel that DPJ is sticking too close to their manifesto, and so spending too much money. I suppose that's right, but if you have a manifesto, I guess you are supposed to follow it. There's actually some let down here among some people. Also they are saying there is actually some of pork in the budget, hm, that's interesting. Tomorrow I'll look at what the Japan Times said.
Opinions expressed in comment section are the opinions of the author only. Because of a spam problem comments are currently off.