Prime Minister Sanae Takaichi, right, acknowledges the Upper House plenary session on Dec. 16 after it passed the supplementary budget. (Takeshi Iwashita)

EDITORIAL: Government should stop reliance on bonds to fund budgets

（社説）補正予算成立　国債依存を繰り返すな

The supplementary budget to implement economic measures has passed the Diet.

However, Diet deliberations did not deepen even as the budget was criticized for its size, which was the largest since the COVID-19 health scare, and problems were highlighted, such as the effectiveness and urgency of the policies.

The government is now compiling the budget for the next fiscal year with an eye toward completing the work by year-end. It will be tasked with setting out policy priorities as well as placing sufficient consideration on fiscal sustainability.

The supplementary budget totaled 18.3 trillion yen ($118 billion).

Sixty percent of it, or 11.6 trillion yen, will be funded through the issuance of government bonds.

Among measures to deal with surging consumer prices, on which Prime Minister Sanae Takaichi said she would place the highest priority, one that was highlighted in the Diet from a cost-benefit perspective was rice vouchers.

Tax subsidies that local governments can freely use will be utilized, but the measure is time and money-consuming.

So even if the central government encourages the issuance of such certificates, a number of local governments have decided not to implement it.

Another area that has been viewed negatively is 6.4 trillion yen for investment in crisis management and economic growth, which Takaichi has also strongly pushed.

A total of about 2.4 trillion yen will be distributed to 41 funds managed by the education ministry, the economy, trade and industry ministry and others.

Government bonds will cover most of the addition to the funds.

Interest payments on such bonds are expected to increase in the future as interest rates are now increasing.

While the investments are for the mid/long term, the burden for paying the interest will be the only item that increases if the funds are not used appropriately.

Takaichi did not provide a detailed explanation in the Diet, only saying that her administration would move quickly to bring about a strong economy.

A certain set of rules should be established when funds with huge outstanding balances receive additional money.

The law states that supplementary budgets should be limited to expenses to deal with unexpected developments.

The opposition Constitutional Democratic Party of Japan and Komeito asked for a revision to the increases in the funds on the grounds that there was no urgent need.

But Komeito, along with the Democratic Party for the People, voted in favor of the supplementary budget without revision because it contained tax subsidies to be distributed to children as well as the elimination of the gasoline tax surcharge that those parties had called for.

As such, the responsibility of the opposition is also being called into question.

A large part of the budget now being compiled will likely be taken up by social security expenses to deal with the aging population, government bond expenses, tax subsidies to local governments and defense spending.

Other areas that will be difficult to cut include dealing with aging infrastructure and educational expenses because many of the programs are needed.

Among the questions that need to be addressed are the appropriate scale of the investments for crisis management and economic growth as well as whether the increased defense spending the government is seeking will actually go to equipment and personnel that are truly necessary.

And expenditures will further balloon if the government bends to the arguments of the opposition to gain its support as it did with the supplementary budget.

Government bonds should not be relied on so easily and discussions should not avoid revenue sources.

It is the duty of the prime minister to pick and choose expenditures and lay out a fiscal picture that the public can feel comfortable with in the mid/long term.

--The Asahi Shimbun, Dec. 17

経済対策の裏付けとなる補正予算が、成立した。コロナ禍以降で最大となる規模は「額ありき」と批判され、政策効果や緊要性などの問題が指摘されながら、国会審議は深まらなかった。足元では年末に向け、来年度当初予算案の編成作業が進む。優先順位を見定め、財政の持続可能性にも十分配慮したものにできるか、いっそう問われる。
　補正予算は一般会計の総額が１８・３兆円となった。６割にあたる１１・６兆円を借金である国債の発行でまかなう。
　首相が最優先で取り組むとした物価高対応で、費用対効果の観点から国会審議で注目されたのが、「おこめ券」だった。自治体で自由に使える交付金を活用するが、費用や手間がかかる。政府が発行を推奨しても、敬遠する自治体の動きが広がる。
　首相肝いりの「危機管理投資・成長投資」（６・４兆円）も問題視された。文部科学省や経済産業省など４１の基金に約２・４兆円が計上されたが、積み増しの原資の多くは国債だ。足元では金利が上がり、今後、国債の利払い費は重くなる見通しだ。中長期的な投資とはいえ、基金が適切に使われなければ利払い負担だけが増えてしまう。
　首相は国会で「強い経済を実現する取り組みに早期に着手するため」などと述べたが、踏み込んだ説明は聞かれなかった。巨額の残高がある基金の積み増しには、一定のルールを設けるべきだろう。
　補正予算は、予見できなかった事態に対応する経費に限ることが、法律で定められている。立憲民主党と公明党は、基金の増額は「緊要性を欠く」などとして修正を求めた。ただ、公明党は国民民主党とともに、子どもへの給付金やガソリン税の旧暫定税率の廃止などの主張が採り入れられたとして原案通り賛成した。野党の責任も問われる。
　編成中の当初予算案では、高齢化で増える社会保障費や国債費、地方自治体への交付金、防衛費で予算の大半を占めることが見込まれる。老朽化が進むインフラの整備や教育費でも必要な予算は多く、削りにくい。危機管理や成長投資の予算は、どの程度の規模が適切か。防衛費は政府がさらなる増額をめざすというが、本当に必要な装備や人員に振り向けられるのか。
　そして、補正予算と同じく賛成を得たいと野党の主張を次々にのめば、歳出はますます膨らむ。国債に安易に頼らず、財源の問題からも逃げてはならない。歳出の取捨選択をし、中長期の視点からも安心できる財政の姿を描くことが、首相の務めだ。

(2025年12月17日)