Japan Election Pledges Long on Spending, Short on Financing
Tokyo, June 30 (Jiji Press)--Japanese political parties have pledged big spending to voters ahead of the July 10 House of Councillors election, while they are short on how to finance such measures.
The Liberal Democratic Party-led ruling bloc has promised to take measures to address soaring prices and revive the economy hurt by the novel coronavirus pandemic, putting spending before fiscal consolidation.
Some opposition parties, for their part, advocate aggressive spending dependent on government bond issuance. Many call for scrapping or reducing the consumption tax.
What is lacking are discussions on ways to secure financial resources, including how to put a lid on Japan's ballooning public debt.
The LDP says it will boost the country's defense spending in its campaign promises for the election for the upper chamber of the Diet, Japan's parliament.
[Copyright The Jiji Press, Ltd.]