"Basic Income Will Deepen Inequality" Yoo Seung-min Proposes 'Public Debate' to Lee Jae-myung

"Basic Income Does Not Help Resolve K-Yanggeukhwa"
"Welfare Policies Should Be Designed to Address K-Yanggeukhwa"

Former People Power Party lawmaker Yoo Seung-min is giving a greeting at the announcement event titled "Park Won-soon's Lost Decade of Administration, Promise for a Rebound," held on the afternoon of the 20th of last month at the People Power Party headquarters in Yeouido, Seoul. / Photo by Yonhap News

[Asia Economy Reporter Lim Juhyung] Former People Power Party lawmaker Yoo Seung-min expressed a negative stance, stating that "the basic income system will rather deepen polarization and inequality." Yoo also publicly proposed a debate to Gyeonggi Province Governor Lee Jae-myung, who has advocated for the introduction of basic income, urging him to "abandon the plan."

On the 9th, Yoo wrote on his Facebook, "After COVID-19, income and wealth gaps will develop in a K-shaped pattern," predicting that "polarization and inequality will worsen." The term "K-shaped polarization" refers to the phenomenon where, after the COVID-19 crisis, the speed of income recovery diverges according to class, industry, and employment type, resembling the letter "K."

Yoo pointed out, "Basic income does not help resolve K-shaped polarization at all," adding, "Providing the same basic income to low-income groups earning 1 million won per month and high-income groups earning 10 million won per month contradicts fairness and justice and lacks the effect of stimulating consumption."

He continued, "It is time to newly design and implement welfare policies to address K-shaped polarization, called 'K-welfare,'" urging, "Governor Lee should abandon the basic income plan and join in designing a substantive K-welfare plan."

He also stated, "I hope the debate on K-welfare, including basic income, becomes a constructive and productive discussion across our entire political sphere," and added, "If it is a discussion on how to resolve K-shaped polarization and revive our economy, I am willing to debate with anyone, including Governor Lee."

Gyeonggi Province Governor Lee Jae-myung announced a plan to provide disaster relief funds of 100,000 won each to Gyeonggi residents on the morning of the 28th of last month at the Gyeonggi Provincial Government briefing room in Suwon, Gyeonggi Province. / Photo by Yonhap News

Meanwhile, Governor Lee argued on the same day that "basic income will promote the sustainable growth of the market economy," emphasizing the necessity of introducing basic income.

In a post on Facebook, Lee said, "There are people who oppose basic income, saying it has never succeeded abroad and is impossible to implement," and stressed, "Human problems can be solved by humans, and if a policy is necessary, politicians should find feasible ways rather than being scared and giving up just because there is no precedent abroad."

He explained, "Basic income is not primarily a political move to expand welfare or pursue a small government, but a measure to prevent structural low growth and economic recession caused by the end of jobs due to the Fourth Industrial Revolution and excessive super-profits," adding, "Its main purpose is to maintain the capitalist system and promote the sustainable growth of the market economy."

Governor Lee, who has advocated for the introduction of the basic income system, also proposed a "final debate" on this topic in the past. On June 9 last year, during an appearance on CBS Radio's "Kim Hyun-jung's News Show," when the host suggested "holding a debate on basic income," Lee responded, "Chairman Kim is fine, and how about former lawmakers Kim Se-yeon, Yoo Seung-min, and Ahn Cheol-soo, the leader of the People’s Party?"

He added, "Although basic income tends to be approached as a progressive welfare policy, it originally came from conservative political groups," emphasizing, "It is about adjusting the balance of supply and demand in capitalism, and it should not be seen as a welfare policy."

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