United Future Party: "'New Deal Fund' Interest Rate, Fiscal Burden to Be Covered by 국민 Taxes"

[Image source=Yonhap News]

[Asia Economy Reporter Lee Ji-eun] The United Future Party criticized the government's 'People-Participation New Deal Fund' as 'statism' and pointed out that ultimately, the government will have to guarantee the interest rates with taxpayers' money.

Deputy Spokesperson Hwang Gyu-hwan said in a statement on the 5th, "While ordinary citizens trying to own a house are prevented from buying one due to various regulations, now they are being urged to invest that money in a government-led fund."

He added, "On the surface, they lure the public by promising interest rates (3%) two to three times higher than commercial banks, but in the end, it is a shallow trick to attract liquidity funds caused by the frozen real estate market to somewhat cover up the real estate failure. Moreover, the interest rate guarantees and tax benefits of the funds being launched will all be financial burdens that must be covered by taxpayers' money."

Deputy Spokesperson Hwang criticized, "The government is pushing policies without clear funding plans, sourcing funds from the public's pockets, and even planning to give favors again with taxpayers' money. The explanation by Deputy Prime Minister Hong Nam-ki that 'liquidity funds can lead to investments in 5G, autonomous vehicles, and eco-friendly sectors' is even harder to understand."

He said, "Regulations related to the Fourth Industrial Revolution, including 5G where the New Deal Fund is invested, remain unchanged, and rather, the ruling party is stifling private sector investment and growth with various regulatory bills. Then, they tell people to invest in government-controlled funds for policy implementation. At this point, it is the specter of statism where even investment, let alone jobs, is best controlled by the government."

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