Ding "Profit Sharing and Basic Income Unrealistic"... Targeting Lee Nak-yeon and Lee Jae-myung Simultaneously

Bloomberg Interview
"Politics Based on Populism Will Surely Fail"

Prime Minister Jeong Sye-gyun Photo by Yonhap News

[Asia Economy Reporter Son Sun-hee] Prime Minister Chung Sye-kyun criticized the profit-sharing system and the basic income system as "unrealistic" on the 4th. The profit-sharing system was proposed by Lee Nak-yeon, leader of the Democratic Party of Korea, and the basic income system was proposed by Lee Jae-myung, governor of Gyeonggi Province. The remarks are interpreted as targeting the two, who are considered potential presidential candidates from the ruling party, simultaneously.

In an interview with Bloomberg on the same day, when asked about the profit-sharing system, Prime Minister Chung said, "I agree with the philosophy of how companies should take social responsibility, but realistically, it is difficult to institutionalize," adding, "Corporate contributions should be voluntary."

Lee Nak-yeon proposed sharing the profits of large corporations or some platform companies that saw increased sales due to the COVID-19 crisis with small and medium-sized enterprises or self-employed individuals. However, the business community has repeatedly criticized it as an "anti-market policy." Prime Minister Chung highlighted that unlike the loss compensation system he proposed, profit-sharing is difficult to institutionalize.

Regarding the basic income system proposed by Lee Jae-myung, he raised the level of criticism, saying, "It is impossible," and "Politics based on populism will inevitably fail."

Prime Minister Chung said, "There is no country on earth that has successfully implemented a universal basic income system," and added, "Populism prevents decision-makers from making rational decisions. It may look good for a while, but in the end, they will regret it."

Meanwhile, Prime Minister Chung is nicknamed "Jung Biden" among supporters because of his political alignment with U.S. President Joe Biden. Regarding this, he said, "(President Biden) is an excellent politician, and I respect his philosophy on politics," adding, "If people see us as similar, I should be really proud." He also added, "I hope President Biden achieves ultimate success, and if we are similar, Biden's success means I also succeed, doesn't it?"

However, he was reserved about whether he will run in the presidential election, saying, "I cannot say yet."

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