Lee Jae-myung "Agree with President Moon's 'wartime finance' perception, funding should be through government bonds"

[Asia Economy (Suwon) = Reporter Lee Young-gyu] Lee Jae-myung, Governor of Gyeonggi Province, expressed full agreement with President Moon Jae-in's remark on the previous day (25th) about 'wartime fiscal budgeting,' stating that the funding should be done through government bonds rather than tax increases.

On the 26th, Lee posted on Facebook an article titled "Support for Wartime Fiscal Budgeting... Funding Should Be Through Government Bonds Rather Than Tax Increases," beginning with, "I fully agree with President Moon Jae-in's recognition that we are currently in an emergency situation comparable to wartime and must prepare for wartime fiscal budgeting."

He added, "It is time to significantly expand the government's role and fiscal functions to a level equivalent to wartime during this unprecedented economic crisis," advising, "However, the funding should be done through issuing government bonds, not tax increases."

He also stated, "Although companies and the wealthy are also struggling, our government bond ratio is among the lowest in the world, so there is sufficient capacity," adding, "We should also consider the temporary issuance of perpetual bonds, which effectively have no repayment obligation."

Furthermore, he emphasized, "Now we must open the path to the K-Economy following the K-Quarantine," and "The core of the K-Economy is strengthening consumption capacity through extinguishable local currencies and basic income."

Lee particularly noted, "The cost-effectiveness of this time's disaster relief payments to all households and Gyeonggi Province's disaster basic income has been analyzed to be beyond imagination," diagnosing, "The era of the Fourth Industrial Revolution, where consumption capacity is systematically collapsing due to extreme income and wealth inequality, and supply and production capacity is maximized by digital economy, has rapidly arrived due to COVID-19."

He continued, "In the post-COVID-19 era, policies ensuring virtuous cycles of demand and supply by increasing consumption capacity to balance supply capacity are essential," asserting, "That is exactly the 'local currency-type basic income' experienced this time, and it is a new model of the global economy, the K-Economy path, which the whole world will inevitably learn from and follow."

In conclusion, Lee emphasized, "It is a path we have not taken and fear, a path opposed by those who profit from the old ways, but we must create the safer, faster, more convenient, and cheaper path of the K-Economy."

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