野 "Large-scale supplementary budget with the Yeo is absurd... Who will bear the debt party?"

[Asia Economy Reporter Naju-seok] The People Power Party criticized the Democratic Party of Korea for calling the move to launch a large-scale supplementary budget "nonsense."

On the 1st, Kim Ye-ryeong, spokesperson for the People Power Party, said, "The ruling party is once again gearing up to prepare a large-scale supplementary budget of 20 to 30 trillion won, including the '5th disaster relief fund,'" adding, "Yet, among the eight projects included in the '4th disaster relief fund' in the supplementary budget last March, seven have an actual execution rate of 0% or have not even started execution."

Spokesperson Kim pointed out, "Although the government's goal to support small business owners and vulnerable employment groups affected by COVID-19 through early budget execution remains distant, they are now weighing the timing to provide disaster relief funds again in line with the goal of achieving herd immunity this fall, which inevitably raises concerns about premature timing," and added, "It is the opposition's duty to raise questions about whether the actual execution rate results of the previous supplementary budget and disaster relief funds, future execution plans, and payment effects have been thoroughly analyzed."

Regarding the Democratic Party's mention of a 19 trillion won increase in national tax revenue in the first quarter of this year as a source for the supplementary budget, he pointed out, "The national debt ratio is approaching 50%, and the national debt is on the verge of surpassing 1,000 trillion won this year."

Spokesperson Kim criticized, "Some within the government and ruling party are even suggesting revising the 'Korean-style fiscal rule,' which stipulates that the government budget must be drastically cut if the national debt ratio exceeds 60%, to distribute the '5th disaster relief fund,'" and added, "We cannot help but question the current government’s reckless obsession with expansionary fiscal policy to the extent that even the fiscal rule, which has only been in place for seven months, needs to be revised." He continued, "Who will bear the debt pile left by the government's extravagant spending? Ultimately, the sad reality is that it becomes the burden of our younger generation. It is nothing but a bitterly ironic reality."

Spokesperson Kim said, "Now, above all, it is a priority to actively legislate the Loss Compensation Act for small business owners and self-employed people who have been burdened with debt due to the aftermath of COVID-19," and criticized, "The government's reckless debt spree may temporarily ease the pain, but it will return as a heavy burden."

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