Another year, another budget. And yet another increase in public debt as tax revenues yet again fail to provide the funds needed even for the budget's highly restricted outlays.

And yet another prediction of miserable 1 to 2 percent growth rates, together with the usual poor excuses — U.S. subprime loan problems, rising oil prices, aging population, currency appreciation.

Somehow one of the world's strongest economies enjoying the world's lowest interest rates is supposed to be vulnerable to these pinpricks. Meanwhile, China just shrugs them off with its breakneck progress.