Recently, I had a chance to read over Structural Impediments Initiative Interim Report which was agreed between Japan and the US government in 1990. It was the time immediately before the bubble economy ruptured in Japan. It has scarecely been reported or discussed by the mass media here in Japan.
The US government forced Japan to invest for the public overhead capital. The total investment was up to 640 trillion yen, that is, about 90 trillion USD in present currency exchange rate. Our government ordered the local governments to invest with a promise it would be covered by the tax. Later on, in the age of prime minister Koizumi cabinet, the promise was broken so that most local governments had a big amount of debts. Some belive that this is the cause of the present astronomical amount of debts of our government.
This investment is aimed to lessen the financial surplus in our country. But "overhead" may mean it should not be spent for the people. I know the local governments have built so many buildings or other structures which were of little use for the people. We should have prepared for the highly aging era which we are experiencing at present. The present and next generations should get out of the debt.
It is surprising how detailed the economical policies are described that our governnment should take. I am simply afraid it is against the sovereignty of our government. Such subordination relationship may be due to the beaurocrats and politicians who had been educated in the US and were under strong influence by the US.
We should be independent from any other countries. Such independence may make the relationship with the other countries appropriate and fruitful for the future.
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