Yoo Seung-min and Lee Jae-myung Criticize 'Basic Income'... "Fair Income" Should Be Introduced After COVID-19

Fair Income, Partial Support for Citizens Below a Certain Income Level, Not Universal
"Governor Who Questions Mayor Oh Is Absurd"

On the morning of May 6, at the National Assembly in Yeouido, Seoul, former lawmaker Yoo Seung-min is giving a lecture on party reform to gain public trust at the People Power Party's freshman meeting "Myeongbulheojeon Bosuda."
[Photo by Yonhap News]

[Asia Economy Reporter Lee Hyun-joo] Yoo Seung-min, a presidential candidate from the opposition party and former lawmaker, criticized the 'universal basic income' advocated by Gyeonggi Province Governor Lee Jae-myung and stated on the 1st that a 'Fair Income (NIT·Negative Income Tax)' should be introduced.

On the same day, Yoo posted on his Facebook, "Governor Lee criticized Mayor Oh Se-hoon for attempting to introduce a guaranteed income," and announced that he would introduce Fair Income.

He explained, "Fair Income (NIT) supports part of the insufficient income for citizens whose income is below a certain level," adding, "It is a government subsidy provided to low-income groups who have no working ability or find it difficult to escape poverty even if they work hard." Guaranteed income is also part of Fair Income.

He continued, "If the money for basic income is given to the bottom 50% of income earners, it can be doubled. If given to the bottom 33.3%, it can be tripled," and said, "Compared to basic income, Fair Income is much more pro-common people." Yoo also noted that according to results published by the Korea Development Institute (KDI) and the Korea Institute of Public Finance, Fair Income is more effective than basic income in promoting consumption.

Furthermore, he described Governor Lee's questioning of Mayor Oh with "If there is no funding plan, it is an empty promise" as "absurd." Yoo emphasized, "Whether it is basic income or Fair Income, it is the same taxpayer money," and added, "If the amount paid per person is the same, basic income requires much more budget than Fair Income."

Yoo said, "Governor Lee asks why the rich are excluded and discriminated against, but isn't it discrimination that the rich pay more taxes?" and criticized, "He tries to deceive people as if he is greatly caring for the middle class and the rich by giving a small amount of basic income."

Finally, Yoo acknowledged, "There are practical barriers to immediately introducing Fair Income," and said, "The most important issue is how to handle existing social welfare." He added that after COVID-19, Fair Income should be implemented as a new welfare system alongside existing social safety nets such as healthcare, housing, and industrial accident compensation that are not resolved by it.

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