Yoo Seung-min: "Nationwide Disaster Relief Fund Is Malignant Populism"

"If the current trend continues, the economic growth rate will be 0% in 2030"

[Image source=Yonhap News]

[Asia Economy Reporter Lim Chun-han] Former People Power Party lawmaker Yoo Seung-min stated on the 18th, "The government's and ruling party's decision to provide emergency disaster relief funds to all citizens during the spread of the novel coronavirus disease (COVID-19) last April was a form of malignant populism."

At an invited lecture hosted by the iCOOP Consumer Life Cooperative held at Natural Dream Park in Goesan, Chungbuk, Yoo made this remark when an attendee asked if there was a way to resolve the deepening polarization, such as the rapid rise in housing prices in the Seoul metropolitan area.

Yoo said, "The government proposed giving disaster relief funds only to the bottom 50% income group, but the Democratic Party of Korea, aiming for the general election, decided to provide it to all citizens. Didn't wealthy people in Gangnam also indulge in luxury dining and cause Korean beef sales to soar?" He criticized. He added, "Instead of giving disaster relief funds to all citizens, it should have been given twice to the bottom 50% income group."

Yoo stated, "To resolve polarization, those with more wealth should pay higher taxes to expand support for the lower-income groups," and added, "Policies that promote both growth and welfare and restore the economy are necessary." He emphasized, "At the current trend, South Korea's economic growth rate will fall to 0% by 2030," and said, "The social economy, such as social cooperatives and social enterprises, should take on the middle ground between the state and the market to increase jobs and realize community welfare."

Yoo said, "The Basic Act on Social Economy, which was promoted during the 19th National Assembly, has still not been enacted," and added, "The biggest issues are the establishment of a development fund and priority purchasing by public institutions, but the ruling and opposition parties must set aside partisan interests and promptly enact this law."

Yoo stated, "Actors in the social economy must be cautious of moral hazard and political contamination," and said, "They should not be swept up in political logic, and local government heads or politicians should not politically exploit social economy organizations for the social economy to properly take root."

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