[Column] Is National Money the Lawmaker's Money?

[Asia Economy Reporter Jang Sehee] "The fiscal authorities must abandon departmental selfishness aimed only at filling their own coffers and release relief rice to save the starving people."

This is the content of a joint statement issued on the 25th by 117 lawmakers from both ruling and opposition parties amid a deadlock over the small business loss compensation system between the government and the ruling party.

According to the statement, it implies that the Ministry of Economy and Finance is withholding funds for their own benefit. It appears as if the national treasury, filled with taxpayers' money, is being treated like a personal safe.

It is appropriate to spend when fiscal resources are needed, but the joint statement from both parties demanding retroactive application of loss compensation seems to disregard the treasury and focus only on votes. Then, is the national budget the lawmakers' money?

Laws made for popularity without a sober recognition of reality can only become mob laws. Is the National Assembly free from fiscal responsibility? A ruling party lawmaker nonchalantly dismisses the future 'debt bomb,' saying that increasing the national debt ratio to GDP by just 10 percentage points would create 200 trillion won in surplus funds. This is populism that ignores fairness, funding sources, and feasibility, and simply tries to win favor with small business owners. There are about 7 million self-employed people in Korea.

The separation of powers is nowhere to be seen. The executive branch is also supposed to reject laws from the legislature or check the legislature and judiciary. However, the National Assembly openly threatens the executive branch not to interfere in the legislative process, which is its exclusive authority. Fiscal rules to maintain fiscal soundness have been stalled in the National Assembly for six months.

There will be many cases where national funds need to be injected in the future. Considering demographic changes such as low birth rates and aging population, as well as market changes, the role of fiscal policy will inevitably grow. Has anyone ever asked the youth, the future generation, "Is it okay to spend this money?" Instead of being trapped in debates over retroactive application, it is a priority to devise feasible policies. It is not right to criticize the Ministry of Economy and Finance for resisting loss compensation blindly.

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