"Ultimately, It's the Economy"... Presidents Running with the 'Minsheng' Motto

Yoo Seung-min "Moon Administration Thoroughly Failed in Livelihood"
Past Domestic and Foreign Presidents Elected on 'Livelihood' Platforms
Bill Clinton Elected with Slogan "It's the Economy, Stupid"
Lee Myung-bak Claimed to Be 'Economic President'... Criticized for Unrealistic Promises

Former People Power Party lawmaker Yoo Seung-min is giving a greeting speech at the 'Housing Issues, Restoring the Ladder' forum held under the theme 'In the End, It's the Economy' on the 16th at the 'Hope 22' office in Taeheung Building in front of the National Assembly in Yeouido, Seoul. / Photo by Yonhap News

[Asia Economy Reporter Lim Juhyung] Former People Power Party lawmaker Yoo Seung-min predicted on the 16th at a debate hosted at his office "Hope 22" located in Yeouido, Seoul, that "the economy will be the biggest issue in this presidential election." This is interpreted as putting people's livelihood at the center agenda of the next presidential election. In previous domestic and international presidential elections, whenever economic difficulties arose, candidates who emphasized 'people's livelihood' invariably won. Attention is focused on whether former lawmaker Yoo will follow these precedents.

◆ "The economy is the problem, stupid" - Clinton changed the US presidential election landscape

The most representative example of a president elected by putting 'people's livelihood' front and center is former US President Bill Clinton. During the 1992 presidential election when Clinton was the Democratic candidate, the Democratic Party faced an unfavorable situation.

Former U.S. President Bill Clinton. / Photo by Yonhap News

At that time, former President George H.W. Bush (Bush Sr.) had achieved great diplomatic accomplishments such as the end of the Cold War due to the collapse of the Soviet Union and the rise of the United States as a superpower. In terms of security policy, the Democrats were at a significantly disadvantageous position compared to the Republicans.

However, Clinton shifted the election landscape by highlighting the people's livelihood issues devastated by the Cold War-era arms race and successive wars. He hung a slogan reading "The economy, stupid" at his campaign headquarters, and later pushed this slogan as the election motto, which helped him become the 42nd President of the United States.

◆ Lee Myung-bak's slogan as the 'Economy President'

In Korea, a presidential election case that emphasized economic issues was former President Lee Myung-bak. During the 17th presidential election, Lee led with slogans such as "The Economy President Who Takes Action" and "Era of National Success." This was an election strategy targeting voters nostalgic for past economic booms as Korea entered a full-fledged low-growth era.

Former President Lee Myung-bak led with the slogan "A Practical Economic President" during the 17th presidential election. The photo shows a presidential campaign advertisement from his time as the Grand National Party candidate. / Photo by YouTube Capture

During the campaign, Lee also proposed the so-called "747 pledge": achieving 7% annual domestic economic growth, $40,000 per capita income, and ranking 7th in the world economy during his term. However, by the end of Lee's term in 2012, Korea's annual economic growth rate remained at 2-3%, and its economic ranking fell to 15th. This led to criticism from some quarters that the pledge was an unrealistic promise aimed at winning votes.

Meanwhile, at the debate titled "In the End, It's the Economy. Let's Restore the Housing Ladder" held that day, former lawmaker Yoo said, "I wanted to give hope that we can solve the livelihood issues much better," and argued, "The Moon administration thoroughly failed in providing spaces where families can enjoy happiness and freedom."

Former lawmaker Yoo Seung-min is giving a greeting at a debate on the 16th. / Photo by Yonhap News

Former lawmaker Yoo also made a de facto declaration of candidacy. He said, "I believe that in March 2022, the people of the Republic of Korea will issue a mandate to remove the Moon Jae-in administration and create new hope and expectations for us, and I want to go together with you," adding, "The first debate starts with real estate, and we will continue to hold debates on economic issues such as youth unemployment." This is interpreted as identifying livelihood issues such as real estate and youth unemployment as major agendas for the next presidential election.

The People Power Party leadership present at the debate also supported former lawmaker Yoo. Kim Jong-in, the party's emergency committee chairman, emphasized, "Economic issues are more important than anything else in people's lives and will be seriously discussed every election season."

Joo Ho-young, the party's floor leader, said, "Apartment prices in Seoul have risen 52% in just four years under the Democratic Party administration," and added, "If former lawmaker Yoo, the top expert on the economy, solves this problem decisively, he will receive applause from many people and it will greatly help next year's Seoul mayoral election."

Joo also said, "The probability of someone who has failed before being elected president recently is high," and added, "It seems like we only have one person (former lawmaker Yoo) in our party, so I hope he succeeds and passes."

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