General-account spending down but separate outlays show government hasn’t tightened spigot
On the surface, the budget plan for fiscal 2012 looks like a step toward fiscal discipline. With ￥90.3 trillion ($1.15 trillion) in general-account spending, the blueprint, finalized by the government Dec.24, represents the first year-on-year decline in initial-budget expenditures in six years.
Look closer, however, and you will find that the slimmed-down budget is a lot fatter than it seems. …