Lee Jae-myung: "Candidate Yoon Seok-yeol, Basic Loans Are Not an 'Unripe Fantasy'"

[Asia Economy (Suwon) = Reporter Lee Young-gyu] Lee Jae-myung, Governor of Gyeonggi Province, responded to criticism from former Prosecutor General Yoon Seok-yeol's camp, which called his 'basic loan' policy "an immature fantasy trapped in a framework of dividing the people." Lee stated that while he welcomes healthy debate, he will firmly respond to malicious political attacks.

On the 12th, Lee posted on Facebook a message titled "Candidate Yoon Seok-yeol, how can basic finance be an 'immature fantasy'? For the majority of the people, bank loans are the 'fantasy,'" saying, "The debate over the basic finance pledge I announced is intense," and added, "I am glad to see such debate as it shows the possibility that this election could become a policy-focused election."

He continued, "On the other hand, I feel a sense of sadness," criticizing, "It seems that the desire to hold onto vested interests is stronger than the focus on improving the reality faced by ordinary people."

In particular, he said, "Seeing opposition candidates use provocative expressions such as 'immature fantasy,' 'fantasy novel,' 'scam finance,' and 'creating debtors' deepens that feeling," and asked rhetorically, "If they understood the lives and situations of ordinary people who are repeatedly frustrated at the bank's doorstep simply because of low credit ratings or lack of collateral, and are driven into the murderous high-interest illegal loan market, could they really say such things?"

He further pointed out, "For many people, (my basic loan policy is not a fantasy, but) bank loans are the 'fantasy,'" explaining, "High-credit, high-income individuals easily receive long-term loans at low interest rates, but low-credit individuals face strict loan restrictions."

He also emphasized, "Some argue that if basic loans are activated, the massive household debt will worsen, but since basic loans are likely to be used to refinance existing high-interest loans, there is little concern about a significant increase in total household debt."

Moreover, he explained, "Financial benefits should not be monopolized by high-credit individuals but should be enjoyed by all citizens," adding, "Finance should not only pursue profitability but must have at least minimal public nature. The basic finance I advocate starts from this awareness."

In particular, he said, "Basic loans are not a system that fosters hostility toward the market economy but rather a system that complements it," pointing out, "Excluding people from finance because of low credit ratings is what fosters hostility."

Therefore, Lee said, "I cannot understand the opposition candidates' claim that repaying existing debt with basic loans is a problem," and questioned, "Refinancing high-interest loans with low-interest loans is a very common-sense act, and wouldn't that give relief to ordinary people who had no choice but to take high-interest loans?"

Lee especially argued, "Young people often need money when receiving education or entering society, but because they have no credit history, the credit evaluation function of the financial market does not work properly," and stated, "It is not the right answer to reject loans or set high interest rates just because it is difficult to measure the creditworthiness of a young person who has just become a university student when applying for student loans."

He also stressed that there is no reason or justification for commercial banks to oppose basic loans.

Lee emphasized, "Banks handle the (basic loan) operations but it is not unpaid work; fee income is generated, the government provides 100% guarantee for (basic loans), and it is not something that requires excessive effort, and it can even have the effect of increasing employment in the long term."

Earlier, on the 11th, former Prosecutor General Yoon Seok-yeol's camp criticized Lee Jae-myung's 'basic loan' pledge as "an immature fantasy trapped in a framework of dividing the people."

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