Yoon Camp's Yoon Chang-hyun Criticizes Lee Jae-myung's 'Basic Finance' as "Repeating Failed Policy Mistakes"

Lee Jae-myung, Governor of Gyeonggi Province and a presidential primary candidate of the Democratic Party of Korea, is making the 5th policy announcement related to basic finance through a virtual press conference at a building in Yeouido, Seoul on the 10th. Photo by Yoon Dong-joo doso7@

[Asia Economy Reporter Hyunju Lee] Yoon Chang-hyun, a member of the People Power Party and head of the economic policy division in former Prosecutor General Yoon Seok-yeol's campaign, criticized Gyeonggi Province Governor Lee Jae-myung's 'Basic Finance' pledge on the 10th, saying it is "just following the footsteps of failed policies."

On the same day, Yoon posted on his Facebook, "While endlessly pouring water into a bottomless pit is a problem, creating a situation where the money might not be repaid is truly a bad policy," criticizing Governor Lee's Basic Finance pledge. The Basic Finance plan centers on allowing any citizen to borrow up to 10 million won at a low interest rate of about 3% for a long term, with the ability to make deposits and withdrawals anytime in the form of a negative loan.

Yoon pointed out that "the Dream Loan, which was once backed 100% by government guarantees and had a subrogation repayment rate soaring up to 30%, was eventually abolished," indicating that Basic Finance will go through a similar process. He added, "Please establish a social safety net separately and do not disguise it as finance," emphasizing, "Finance is finance, and welfare is welfare."

He continued, "Finance should be developed as finance, and the realms of welfare and charity should be allowed to function in their own areas. Mixing the two ruins both," stressing, "If the principal is not recovered, only the first recipients benefit, and subsequent people have no chance to use the money, causing the money to stop circulating."

Yoon also said, "It is truly ironic that Basic Finance is a policy that is not 'basic,'" and warned, "Do not mislead people with hypocritical pledges that push the vulnerable into more difficult situations by calling them welfare-oriented financial policies or financial welfare policies, which are just meaningless wordplay without a foundation."

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