Kim Ki-hyun "Moon Jae-in Government Failed to Break Progressive Establishment"

[Image source=Yonhap News]

[Asia Economy Reporter Lee Hyun-joo] Kim Ki-hyun, floor leader of the People Power Party, criticized on the 17th that "the Moon Jae-in administration failed to break the progressive vested interests," reflecting this view in various policy failures.

In his party negotiation group representative speech at the National Assembly that day, Kim said, "Pressuring companies with taxes and regulations and indulging in populism will not improve the economy," adding, "The leader acted as if he were a righteous thief, ruining the country and becoming a public enemy of the people."

In this speech, Kim focused his attacks on economic policy failures such as real estate and jobs. This is interpreted as a countermeasure to highlight the current administration's policy failures after Song Young-gil, leader of the Democratic Party of Korea, gave a speech targeting the 2030 youth generation by proposing the establishment of a ‘Youth Special Minister’ the day before.

"Pressuring companies with taxes and regulations
and indulging in populism does not improve the economy
The leader acted as if he were a righteous thief
ruining the country

Focused attacks on economic policies
'Income-led growth was the start of economic collapse
Opened the era of 1,000 trillion won national debt
Real estate regulations created a housing hell"

Kim pointed out, "The Moon Jae-in administration blames all economic crises on COVID-19, but income-led growth was the start of the economic collapse." He cited examples such as the annual job increase under the Moon administration averaging 83,000, which is 22% of that under the Park Geun-hye administration, and the increase in non-regular workers being 1.8 times that of Park’s government and 4.2 times that of Lee Myung-bak’s government. Kim criticized, "The national debt accumulated over 68 years since the establishment of the Republic of Korea was 660 trillion won, but it increased by 410 trillion won in just four years under the Moon administration," adding, "It opened the era of 1,000 trillion won national debt."

He also evaluated that 25 rounds of real estate regulations created a ‘housing hell.’ Kim explained, "It is the result of ignoring the principles of supply and demand and pushing through the three lease laws," and added, "It was due to incompetent politicians and ministers who, biased by wrong ideology, ignored expert opinions and stubbornly insisted on their views." He continued, "After the April 7 by-elections, the Democratic Party formed a real estate special committee and said they would consider easing real estate regulations, but due to the ‘pro-Moon hardliners,’ they are stuck and unable to act," and said, "When faced with reality, they blame others but do not change policies." Kim described the minimum wage regulation as a ‘paradox of regulation’ that actually took jobs away from low-income earners, and criticized, "Noble labor unions such as the Korean Confederation of Trade Unions have further solidified their iron rice bowl vested interests under this government," pointing out that "(these noble unions) are taking away jobs from young people through job inheritance."

Regarding the ‘Loss Compensation Act’ passed amid opposition from the opposition party the day before, Kim urged the Democratic Party to change its stance, saying, "Do not try to evade responsibility with half-hearted compensation; ensure sufficient and fair compensation." When Kim said, "Having a life with evenings is important, but having a life with dinner first is more important," applause broke out in the plenary session hall.

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