Campaign Policies: Economy

Economy is the top issue in the general election of House of Representatives this month. In a poll conducted by TV Asahi in early October, 63 percent, with two choices out of nine allowed, answered that economy would be the most important issue in their voting、leaving pension system with 44 percent or education with 37 percent behind. The parties compete how they would support households suffering from steep price hike of goods and services which are indispensable for their life.

In his first campaign speech in Iwaki city, Fukushima, on October 15, Prime Minister Shigeru Ishiba revealed his plan to submit supplementary budget to the Diet this fall, which total amount would exceed 13 trillion yen of the one last fall. It will be spent for allowances to the low-income families, support for agriculture or fisheries, and subsidy for chip industries. Secretary General of the Liberal Democratic Party, Hiroshi Moriyama, stressed that his party would focus on building infrastructure.

 

The allowance is included in the campaign policies of the LDP. The party also proposes expanding budget for local governments which are exercising financial support for families, such as relief for school lunches. Its coalition partner, Komeito, demands extension of subsidy for gasoline, electricity and gas, which would be planned to be finished this yearend. The LDP is considering it.

 

The leader of Constitutional Democratic Party, Yoshihiko Noda, focuses on middleclass.  Upholding “revitalization of middle class” at the center of economic policy, the CDP aims at raising wage of workers, including 1,500 yen or higher minimum wage in average. However, the economic policy of Noda who is positioning himself at the center-right makes any big difference from LDP’s economic policy.

 

Other opposition parties firmly demand lowering the rate of consumption tax. Japan Innovation Party (Nippon Ishin-no Kai) asserts cutting the consumption tax rate from 10 percent to 8. Democratic Party for the People proposes 5 percent. Japan Communist Party sets it at 5 percent as a temporary rate toward abolishment. As a former Minister of Finance, Noda never says to lower or abolish the consumption tax.

 

Measures dealing with declining birthrate is discussed in the context of economic policy. Every party embraces policies for supporting families with children.

 

The LDP proposes support for higher education, as Komeito set a goal of making college tuition free in 2030s. The CDP promises free lunch in public elementary and mid-schools, and free tuition of public universities. The JCP proposes halving college tuition, and Ishin requires free tuition for every grade in education.

 

How are they going to procure for those supports? The LDP basically relies on economic growth in the future, which is guaranteed by nobody. The opposition parties hope to redistribute wealth from major corporation to families with low income. No party has a viable plan to redeem accumulated deficit of the government, which has exceeded 1,000 trillion yen.

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