Lee Jae-myung "Grateful for Active Basic Income Discussions... Beware of Fake Basic Income"

[Asia Economy (Suwon) = Reporter Lee Young-gyu] Lee Jae-myung, Governor of Gyeonggi Province, expressed a positive evaluation of the recent active discussions on the 'basic income' he advocates, but also voiced concerns that counterfeit 'fake basic incomes' driven by populism might emerge.

On the 7th, through his Facebook, Governor Lee said, "I welcome and appreciate the active discussions on basic income policies crossing central and local governments," and emphasized, "Since many local governments participating in the Basic Income Local Government Council are already implementing various policies, basic income experiments should be actively conducted in diverse sectors."

However, he expressed concern, stating, "Looking at the current basic income discussions, I am deeply worried that they may be emphasizing only the amount, thereby damaging the original intent and causing confusion."

In particular, he asserted, "Basic income is not charity but a dignified right of the sovereign, and it is an economic policy for the era of the Fourth Industrial Revolution marking the end of labor beyond welfare policies," adding, "It should not impose restrictions such as below 50% of median income or household annual income under 60 million won, nor should it involve the consolidation of five major youth support policies or partial abolition of seven basic livelihood security benefits, which would undermine existing welfare systems for vulnerable groups."

He added, "I am concerned that it might become a 'fake basic income exhibition hall' full of populist fakes."

Furthermore, Governor Lee introduced, "Gyeonggi Province’s basic income aims to guarantee the economic basic rights of residents by alleviating polarization and revitalizing the economy," and explained, "Despite various limitations such as the restricted tax authority of local governments, Gyeonggi Province maintains and expands the existing welfare system while providing a small amount of basic income to all recipients without discrimination through local currency."

He also explained, "The time-limited local currency-type basic income revives the economy, which is stagnating due to insufficient aggregate demand, through 100% consumption and multiplier effects, and is attracting attention not only domestically but also overseas as a welfare-economic policy that alleviates the world’s worst household debt and polarization by increasing household income support, which is among the lowest globally."

Governor Lee further urged, "We must wisely respond on the side of the sovereign in the post-corona era of the technological revolution, symbolized by the technological revolution, job disappearance, and consumption cliff, by establishing the economic basic rights foundation for the people based not only on basic income but also on basic housing and basic loans."

Finally, he stated, "Local currency-type basic income is a 'K-economic policy' that the world is paying attention to following K-quarantine," and evaluated, "It is especially desirable that the domestic basic income discussions are centered on youth basic income to practically support young people who find it difficult to make a living on dreams alone."

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