United Future Party: "Moon Administration's Massive Increase in Fiscal Spending... Social Insurance Also Fundamentally Flawed"

Yoon Hee-sook, Chair of the Economic Innovation Committee, "A Country Never Experienced Before"

[Image source=Yonhap News]

[Asia Economy Reporter Lim Chun-han] Yoon Hee-sook, Chairwoman of the Economic Innovation Committee of the United Future Party, criticized on the 14th regarding national fiscal soundness, saying, "There has been no administration in the past 40 years as free in incurring national debt as this one," and added, "It is truly a country we have never experienced before."

Chairwoman Yoon said at the Economic Innovation Committee plenary meeting at the National Assembly in the afternoon, "Since the start of fiscal management, the government has operated under the fundamental principle that the money our generation spends should be covered by the money we earn."

Yoon pointed out, "Under the Moon Jae-in administration, the expenditure growth rate in 2018 was twice the nominal growth rate, and in 2019 it was 11 times. This massive increase in spending began regardless of the novel coronavirus disease (COVID-19)," adding, "There have been many policy mistakes in economic policy, and as the economy deteriorated, attempts to patch it up with fiscal measures caused these strains, which is a widely accepted analysis."

She continued, "Of course, this year, due to COVID-19, increased fiscal spending is necessary, but the biggest problem is that there is no plan for how to return to normal conditions once the situation subsides," and added, "If such a plan is not made, it is tantamount to giving a blank check to an administration that is ruining the finances in this way."

Yoon also stated, "Our social insurance system is also fundamentally insolvent. Looking at the pension reform proposal submitted by the Ministry of Health and Welfare to the National Assembly last year, it merely postpones the moment of system exhaustion by about six years without any substantial content," and said, "Presenting this as a reform plan is a big lie to the public."

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