Kim Jong-in: "The Idea That Basic Income Can Be Implemented Immediately Is Just an Illusion"

"Tax Increase Issues Cannot Be Discussed Recklessly"

[Image source=Yonhap News]

[Asia Economy Reporter Lim Chun-han] Kim Jong-in, the emergency committee chairman of the United Future Party, stated on the 4th regarding the introduction of basic income, "Recently, due to the COVID-19 issue, we have gone through the 1st, 2nd, and 3rd supplementary budgets, leading us toward a deficit fiscal situation," and added, "In such a deficit fiscal situation, saying that basic income can be implemented immediately is nothing but a fantasy."

Chairman Kim held a press briefing at the National Assembly in the afternoon and said, "What is the premise of basic income? It is whether fiscal procurement can be sustainable in the long term," and added, "We can say that it is still quite distant in that regard."

He said, "Basic income has been partially experimented with in countries like Finland and the Netherlands, but there has been no word of success there either," and continued, "I think our country tends to try to do things very quickly, but impatient people end up debating whether or not to implement basic income, and in the political sphere, it is discussed because it might help in elections."

He added, "When I said that increasing material freedom is the task of politics, it might have sounded as if I was speaking on the premise of basic income. In fact, the most important thing for economic policymakers is how to create employment. If we lived in a society where employment was fully secured, there would be no need to talk about basic income."

Regarding the issue of tax increases, Chairman Kim stated, "Even now, the public thinks the tax burden is high, so we cannot discuss tax increases recklessly."

Regarding the introduction of a super-rich tax advocated by the Justice Party, Chairman Kim said, "How much revenue can be secured? That alone cannot support large-scale welfare."

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