"The Pope Also Advocates Basic Income"... Will Lee Jae-myung's Basic Income Gain Momentum?

Poster for the Basic Income Expo held by Gyeonggi-do last year

[Asia Economy (Suwon) = Reporter Lee Young-gyu] Lee Jae-myung, Governor of Gyeonggi Province, stated that even the Pope advocates for the introduction of basic income, evaluating basic income as an economic and welfare policy that cannot be reversed by the times.

On the 13th, Lee posted on his Facebook under the title "The Pope also advocates for the introduction of basic income... Basic income is not far away," emphasizing that "basic income is an unavoidable economic and welfare policy in the post-COVID-19 4th Industrial Revolution era."

He then listed the advantages of basic income, saying, "It guarantees sustainable economic growth, ensures a humane life for all members, prevents labor avoidance by recipients without stigmatization, and increases new jobs that, although economically less productive like cultural and artistic activities, provide high satisfaction."

He added, "From a technical perspective, it is faster and more convenient to provide basic income to everyone and then recover some through tax adjustments than to selectively support only some by stigmatizing them (such as basic livelihood security recipients)."

Regarding the payment standard for basic income, Lee said, "Considering the support funds for basic livelihood security recipients, about 500,000 won per month is appropriate," dismissing concerns by stating, "Although there are worries about labor avoidance, no one would stop working just because they receive 500,000 won a month."

However, he suggested, "If it is difficult to introduce basic income all at once, starting with 500,000 won once a year with a long-term goal and gradually increasing the frequency each year would reduce the fiscal burden and allow tax increases without resistance," adding, "Combining it with local currency would also enhance economic circulation."

Furthermore, he emphasized, "People resist because they think taxes are wasted on irrelevant things, but if they trust that the taxes they pay will return to them, there is no reason to oppose tax increases," and stressed, "If about 15 trillion won, part of real estate unearned income, is collected through a land holding tax and fully paid to the people, 95% of the population would either not pay the land holding tax at all or receive more basic income than the land holding tax they pay."

Lee particularly explained, "By restoring public trust and raising the proportion of the land holding tax to the level of advanced countries, it is possible to pay basic income of more than 500,000 won annually, which will also help alleviate asset inequality," and added, "The tax burden rate or national burden rate, which is far below the OECD average, needs to be raised, but if the purpose of the increased tax is basic income, tax increases can be made without major resistance."

In conclusion, he reiterated his call for the introduction of basic income, saying, "Since the path of basic income is inevitable anyway, it is easier and better to go first."

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