Govenors Lee Jae-myung and Kim Kyung-soo Unite in Calling for Introduction of 'Disaster Basic Income'

[Asia Economy (Suwon) = Reporter Lee Young-gyu] Lee Jae-myung, Governor of Gyeonggi Province, expressed full agreement on the 8th with Kim Kyung-soo, Governor of Gyeongnam Province's proposal for a 'disaster basic income.'

Earlier, on the 6th, at a briefing held at the Gyeonggi Provincial Government Office in Suwon, Governor Lee stated, "An emergency situation where the economy almost comes to a halt due to COVID-19 has arrived, and extraordinary measures are necessary," adding, "I think it is time to seriously consider a form of disaster basic income that must be spent within a certain period."

On the same day, Governor Kim proposed at a briefing held at the Gyeongnam Provincial Government Press Center that the government and the National Assembly support all citizens with a disaster basic income of 1 million won to revitalize the economy, which has been stagnated due to COVID-19.

Governor Kim emphasized, "The reason for paying all citizens simultaneously is to avoid missing the timing," and added, "There is no time or administrative cost to waste on selecting beneficiaries."

He also proposed an alternative plan to reclaim the amount paid next year as taxes from high-income groups who do not need the disaster basic income.

He further explained, "If 1 million won is paid to all citizens, it will cost 51 trillion won; if 500,000 won is paid, it will cost 26 trillion won," adding, "The disaster basic income will revitalize the economy, and the resulting fiscal burden can be alleviated through increased tax revenue next year."

He continued, "Economic experts estimate that investing 51 trillion won in disaster basic income will increase tax revenue by 8 to 9 trillion won through economic revitalization," and explained, "Depending on how much of the basic income paid to high-income groups is reclaimed as taxes next year, the government's fiscal burden can be greatly reduced."

Governor Kim particularly stated, "Even if 1 million won is paid, if the fiscal burden is reduced by nearly half through this method, it is possible to implement disaster basic income for all citizens at a cost less than the Four Major Rivers Project budget," and added, "Since this is an unusual emergency situation, bold decisions and swift implementation are necessary. Therefore, I request that the introduction of national disaster basic income be discussed together during the review process of this supplementary budget bill."

In response, Governor Lee Jae-myung said on Facebook that day, "I fully agree with Governor Kim Kyung-soo's opinion," emphasizing, "Considering the scale of our economic structure and the proportion of welfare expenditure (about half the OECD level), it is entirely possible to secure the necessary funds."

He added, "In the era of the Fourth Industrial Revolution, where jobs are disappearing en masse and low growth becomes the norm due to excess investment funds over investment opportunities, the only policy that can revive economic flow and guarantee sustainable growth is 'basic income,'" promising, "I support Governor Kim Kyung-soo's 1 million won disaster basic income and will work together to open the path to nationwide basic income."

Meanwhile, Kim Sang-jo, Chief of the Presidential Office for Policy, stated on a broadcast on the 5th, "This supplementary budget includes the concept of a so-called Korean-style basic income system."

This content was produced with the assistance of AI translation services.