[The Editors' Verdict] Farewell to the Old Year, Welcome to the New

Published 29 Dec.2020 14:48(KST)

This year has been truly eventful both domestically and internationally. Among these, the COVID-19 pandemic, the fluctuations and policy failures in real estate prices, and the conflicts between the Minister of Justice and the Prosecutor General are incidents that I would rather not think about, yet they remain constantly on my mind. It would be difficult to intentionally create a year so filled with such abnormal events.

Infectious diseases have accompanied human history, and since it is not easy to understand how they arise, it is difficult to assign responsibility. Large and small epidemics have determined the outcomes of wars and changed the course of human history. Vaccination against infectious diseases began in the late 19th century. It is known that in wars before then, more soldiers died from infectious diseases than from combat.

The discovery of the New World was a tremendous disaster for its inhabitants. Due to infectious diseases brought by conquerors from the Old World, 90% of the Native American population was decimated within 50 years. The aftermath was a labor shortage, which resulted in the importation of slaves. Although the history of slavery is long, large-scale long-distance movements of slaves were rare. This is a sad past shaped by infectious diseases.

In South Korea, a country with a relatively small land area, real estate is an emotional asset. This means it has become a commodity that is difficult to judge by reason alone.

As rapid economic growth pushed housing supply down the priority list, the sorrow of renting made owning a home a dream. Since this desire manifests as rising housing prices, the problem cannot be resolved until the types of housing consumers want are sufficiently supplied.

What further complicates the housing market issue is the Moon Jae-in administration’s socialist perception that views real estate price increases as unearned income. Price increases actually encourage supply growth, which stabilizes the market. Yet, imposing unimaginable regulations, can prices really stabilize? The fact that regulations rather increase prices is thoroughly explained in every introductory economics textbook.

I believe that inappropriate appointments lie at the core of many problems during this administration, including the real estate issue. How can proper prescriptions or policies be formulated when officials who do not even properly understand fundamental theories are appointed as ministers of key departments? This is a reason why the president’s fault cannot be overlooked. The highlight is the Minister of Justice. How can the minister of the department responsible for law enforcement claim ignorance of the illegal acts they commit? Where else would such a comedy exist?

Another year is coming to an end. The cycles of time and seasons caused by the Earth’s rotation and revolution are exquisite no matter how much one thinks about them. As this year was eventful, I pray that the new year will bring happiness and blessings. Above all, I hope that vaccines are secured quickly so that we can swiftly restore a daily life free from COVID-19 worries. I want to urge the authorities to once again remember Yogi Berra’s famous saying, "It ain't over till it's over."

Farewell to the old year and welcome to the new! Despite the coming severe cold, flower buds have already formed on the immature Myeongja tree in the yard. The puppy adopted 50 days after birth last March is now an adult dog. I had a quarrel with a neighbor once and deeply regret it. Among all my thoughts, my greatest concerns are infectious diseases and the nation’s finances. I send my support to the medical workers and small business owners who are struggling more than anyone else. The government has much to do. As we welcome the new year, I pray that hardships will make us stronger and bring us together.