United Future Party Proposes 40 Trillion Emergency Relief Fund... "Basic Income Is Election Populism"

"GDP 2% Level Emergency Relief Funds... Bonds Must Be Issued to Overcome COVID-19"

[Image source=Yonhap News]

[Asia Economy Reporter Lim Chun-han] On the 22nd, the United Future Party proposed the injection of emergency relief funds amounting to 40 trillion won, approximately 2% of South Korea's Gross Domestic Product (GDP), as an economic response to the novel coronavirus disease (COVID-19) crisis.

Hwang Kyo-ahn, party leader and overall election committee chairman, held a press conference at the National Assembly on the same day, stating, "What is important now is not disaster basic income but emergency disaster relief funds," and added, "This crisis should not be distorted by election populism taking advantage of the situation."

Hwang explained, "During the last global financial crisis, emergency funds equivalent to 2% of GDP were injected," and continued, "Although this crisis is as severe as the global financial crisis, emergency relief funds at the level of 2% of GDP must be injected first. To this end, 'COVID-19 Overcoming Bonds' should be issued."

Regarding the government's announced financial measures amounting to 50 trillion won, Hwang said, "In short, it only increases the debt of companies and the public. Many economic experts have pointed out its limitations." He also criticized the 3.8 trillion won disaster fund mentioned by Prime Minister Chung Sye-kyun, saying, "It is far too insufficient compared to the difficulties faced by the people."

Hwang criticized some ruling party local government heads who advocate ideological basic income, saying, "They are taking advantage of the crisis to start election campaigns again," and added, "We must not shake the finances with irresponsible politics that recklessly spend without securing funding. Please abandon the mindset of 'celebrating a ritual just because the rice cake is seen'."

Hwang introduced the United Future Party's support principles as ▲ practical support for the needy and struggling citizens ▲ sustainable support such as jobs ▲ support that does not threaten the national fiscal situation.

Hwang said, "Now is not the time to think about party interests or votes. Disaster should not be used even for elections," and added, "We must prepare measures to overcome the crisis with a cool-headed analysis of reality and a pragmatic attitude beyond ideology."

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