Japan Fiscal Panel Sees Heisei as Era of Passing Burdens
Tokyo, Nov. 20 (Jiji Press)--A Finance Ministry panel on Tuesday said Japan's finances during the Heisei era were marked by repeated failures to stop fiscal burdens from being passed on to future generations.
In a proposal on the fiscal 2019 budget, the Fiscal System Council, which advises the finance minister, said financial authorities could not resist pressure to lighten and postpone burdens as the weight of social security costs grew heavier.
The panel looked back on the country's finances over the Heisei era's 30 years as this year's end will see the era's last regular budget formulation.
It concluded that the government should steadily implement fiscal reconstruction in the succeeding era.
The panel criticized the government for securing necessary financial resources for social security not through painful reforms but through deficit-covering bonds, establishing the practice of passing the bill to future generations.
[Copyright The Jiji Press, Ltd.]