Japan's national debt, including local debt, apparently amounts to ¥1.2 quadrillion. This astronomical figure continues to expand at this moment. It is such an enormous sum that the government has no concrete repayment plan yet, and has left this problem to fester. It would not be an exaggeration to say that Japan's finances have already gone bankrupt.
It is really mysterious that this issue was not a major point of discussion in the recent Lower House election. I wonder if Diet members and the people choose to remain silent because they're afraid to face the scary reality.
However, someone will have to pay the piper when the due date comes. Who will it be ultimately? Our generation or our children's or grandchildren's generation?
If the debt is paid by the assets of people through a tax increase or by inflation, it is easy to imagine that we will become as broke as we were at the end of World War II.
We, the people, get wind of this situation and will continue closing the purse strings preparing for a contingency. "Abenomics" tries to sweeten the pot for people by spending a lot of money, but it is useless. The politicians must not forget that.
The Lower House election is over. Many incoming members advocate a policy of economic stimulus that consists of temporary measures that might lead us down the road of state bankruptcy.
There is no policy we can follow other than to choose to make efforts to rebuild Japan's finances thoroughly.
The opinions expressed in this letter to the editor are the writer's own and do not necessarily reflect the policies of The Japan Times.