Plunging Approval Ratings Amid Solo Push, Ruling Party Apologizes... But Maintains "Taxation and Regulation" Policy

Calls for Self-Reflection Grow in Democratic Party
Concerns Rise Over Hardline Tactics and Falling Approval Ratings
Leadership Candidates Emphasize the Need for Humility and Policy Adjustments

[Image source=Yonhap News]

[Asia Economy, Reporter Won Dara] Within the Democratic Party, which pushed through legislative measures in the National Assembly in July, a series of calls for self-reflection have emerged following a sharp drop in approval ratings. Some predict that if the Democratic Party continues to push for the revision of the Corruption Investigation Office for High-ranking Officials (CIO) Act without cooperating with opposition parties, and if it proceeds with nominating candidates for the Seoul and Busan mayoral by-elections, further declines in support are inevitable.

On the afternoon of August 6, Democratic Party leadership candidates appeared on a TV debate hosted by Jeonju MBC, where they offered analyses and countermeasures regarding the party’s recent plunge in approval ratings. Candidate Lee Nakyon stated, “We failed to respond appropriately to the real estate issue, which heightened public concern. The repeated wrongdoings of the Seoul and Busan mayors have left moral scars,” adding, “The way to recover our approval ratings is to build trust through humility, prudence, and competence.” Candidate Kim Boo-kyum said, “As the ruling party, we have not sufficiently shifted our attitude to one of taking full responsibility,” and added, “If we have lacked such an attitude, we must apologize, acknowledge it, and honestly tell the public what we plan to do going forward.” Candidate Park Jumin commented, “Recently, the government and party’s stance has failed to properly address the anxieties of young people,” stressing, “We need to present not only a blueprint for social change but also detailed measures to mitigate the impact on those affected.”

The reason all party leader candidates are calling for self-reflection is that, in a poll released the previous day (commissioned by TBS Traffic Broadcasting and conducted by Realmeter, with a 95% confidence level and a margin of error of ±2.5 percentage points), the gap in approval ratings with the United Future Party had narrowed to just 0.8%. Realmeter analyzed that “a combination of backlash against real estate policies, remarks by United Future Party lawmaker Yoon Heesook during a plenary session, and Prosecutor General Yoon Seokyoul’s speech on ‘dictatorship and totalitarianism’ all contributed to this result.” Spokesperson Heo Yoonjung also told reporters that day, “When the real estate-related legislation passed, it did not include cooperation from the opposition parties. Although we have been negotiating behind the scenes, we apologize for the unavoidable circumstances in which we could not secure their cooperation.”

Furthermore, in political circles, there are growing predictions that if the Democratic Party continues its “hardline drive” regarding the CIO Act revision and the nomination of candidates for the Seoul and Busan mayoral races, additional drops in approval ratings will be unavoidable. Regarding the CIO Act, Democratic Party leader Lee Haechan has already mentioned the possibility of amending the law. At the Supreme Council meeting on August 5, Lee said, “I hope the United Future Party will appoint a recommendation committee member and fulfill its legal responsibility before the August National Assembly session begins. If not, we will prepare alternative measures to launch the CIO.” An opposition party official commented, “Even if the Democratic Party nominates a candidate, it will be difficult to win in Busan, and in Seoul, the recent real estate measures have lowered their approval ratings, so the ‘Democratic Party premium’ seen in the last general election will not exist. If they push ahead with candidate nominations under these circumstances, it will be hard to avoid criticism for flip-flopping when the situation turns unfavorable.”

However, all three candidates reiterated the existing party policy that real estate regulations must continue. Lee emphasized, “We must resolve the issue of balanced development, including relocating the administrative capital, within the regular session of the National Assembly. We need to eliminate speculative forces through source-of-funds investigations and sufficient taxation.” Kim said, “Even if the Real Estate Tax Act and the three Lease Laws cause temporary difficulties, they will clearly contribute significantly to stabilizing the real estate market. We must consistently pursue supply-side policies.” Park stressed, “Currently, loan regulations are focused on the Loan-to-Value (LTV) ratio. We need to shift to the Debt Service Ratio (DSR), which is based on individual debt repayment capacity, for effective regulation.” Within the Democratic Party leadership, aside from the statement, “We will promptly proceed with pilot complexes in Seoul’s redevelopment areas and quickly push for follow-up legislation (August 6, Party Policy Coordination Meeting, Policy Committee Chair Cho Jeongshik),” no significant change in stance has been detected.

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