Yoo Seung-min: "We Must End the Clash Between Old Conservatives and Old Progressives... Let's Talk About 'Economic Growth' Again"

Presidential Candidate Relay Interview ② Former National Assembly Member Yoo Seung-min

Former lawmaker Yoo Seung-min. / Photo by Dongju Yoon doso7@

[Asia Economy Reporters Naju-seok and Lee Hyun-joo] Yoo Seung-min, a leading presidential candidate from the People Power Party, is often associated with words like rationality and logic. The term "warm conservatism" represents his political vision. On the 7th, we met this warm conservative at the presidential campaign office "Hope 22" set up in Yeouido, Seoul. The interview atmosphere was warm, but his messages were cold, sharp, and clear. His statement, "President Moon Jae-in is the last old progressive, and former President Park Geun-hye should be the last old conservative," even sounded aggressive. Yoo said, "The era of elections fought between conservative and progressive camps is over. Elections where livelihoods such as jobs, taxes, income, housing, childcare, and healthcare are seriously addressed are the kind of elections seen in advanced countries." As an economist from the Korea Development Institute (KDI), he devoted most of the interview time to explaining his economic vision.

President Moon is the Last Old Progressive
Former President Park is the Last Old Conservative
Next President’s Task is Economic Growth
Must Break the Triple Crisis of Low Growth, Low Birthrate, and Polarization

◆The Next President’s Historic Task is Economic Growth= If economic policy direction is strictly divided into ‘growth versus redistribution,’ Yoo is known to the public as someone who values ‘growth while not neglecting redistribution.’ The nickname "warm conservative" reflects this meaning. However, his focus after declaring his presidential candidacy leaned more toward growth than redistribution. Yoo firmly stated, "The only way to break the vicious cycle and triple crisis of low growth, low birthrate, and polarization is economic growth."

"The most important historic task given to the next president is economic growth. Many people and many economists say we must accept low growth as fate, but I am convinced that if that happens, there is no hope for our country."

In April 2015, when he was the floor leader of the Saenuri Party, Yoo delivered a negotiation group speech titled "Welfare Without Tax Increase is a Myth." It was so groundbreaking for a conservative floor leader’s speech that it left a strong impression on the public. Even opposition parties like the Democratic Party and the Justice Party praised it as one of the best speeches. However, whether because of this speech or not, Yoo clashed with then-President Park Geun-hye’s political and policy views and was branded with the stigma of "politics of betrayal." It was the greatest crisis of his political life and the beginning of a long, thorny path.

Although overshadowed by his radical welfare theory and not widely noticed, a closer look at that speech reveals that his growth discourse has pointed in a consistent direction from then until now. Yoo diagnosed, "From the 1950s to the 1980s, our economic growth rate rose steeply like climbing a mountain. But after the International Monetary Fund (IMF) crisis, it started to decline, and with each change of administration, the growth rate dropped by 1 percentage point, now worsening like a countdown: 5, 4, 3, 2, 1."

Growth by Expanding Labor and Investment No Longer Works
Ultimately Must Rely on Human Brains
Smart Talents Flock to Civil Service
How Can the Country Have a Bright Future?

◆Economic Growth Must Be Secured Through Innovative Talent Development and Labor Reform= Yoo’s growth discourse consists of two main pillars: nurturing digital innovative talents and securing labor market flexibility. He said, "Growth by expanding labor quantity and increasing investment no longer works," adding, "Ultimately, we must rely on human brains." He continued, "While the U.S. and China have been cultivating innovative talents, the Moon Jae-in administration was busy increasing civil servants and creating short-term part-time jobs funded by taxes. How can a country where smart young people flock to become civil servants have a bright future and growth?" he raised his voice.

Former lawmaker Yoo Seung-min. Photo by Dongju Yoon doso7@

Regarding labor reform, he said, "Our labor market is notoriously rigid. We need to make the labor market flexible while thoroughly guaranteeing social safety nets for those left behind in competition." He also proposed, "A compromise is needed where companies that can flexibly dismiss workers share the costs of protecting those who fall behind."

Supports Maintaining Conscription Over Volunteer Army
Should Provide Housing, Education, Employment, and Pension Benefits to Veterans
Should Also Consider Female Soldier Volunteer System

◆Maintain Conscription, Provide More Benefits to Military Service Members= Yoo, who has taken charge of the unpopular standing committee ‘Defense Committee’ while serving as a member of the National Assembly, also shared his thoughts on current issues such as conscription. He expressed concerns about voices advocating for a shift to a volunteer army, citing the possibility of insufficient troop numbers and unfairness where low-income and low-education individuals bear the burden of national defense. Referring to the U.S. GI Bill, he said, "We should provide benefits such as housing, education, employment, and pensions to those who have completed military service," adding, "Providing such a ‘package’ could somewhat alleviate the sense of loss felt by men." Regarding the recent discussion on female conscription, he said, "Currently, women can apply as officers and non-commissioned officers but are excluded from general soldier positions," and added, "We could consider starting with a female volunteer system based on national consensus." This would encourage support by providing benefits to female military personnel, just like men.

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