[Reporter’s Notebook] With Housing Prices an 'Unreachable Wall'... Rushed Youth Measures Scattering Money Ahead of Elections

Yoon Ho-jung, Floor Leader of the Democratic Party of Korea, is speaking at the Party-Government Council on Special Youth Measures held at the National Assembly Members' Office Building on the 26th. 2021.8.26 [Image source=Yonhap News]

[Sejong=Asia Economy Reporter Son Seonhee] The government has announced that it will provide 200,000 won in monthly rent support to young people without homes. Approximately 152,000 low-income youths, whose monthly income is only about 1.2 million won, are the target beneficiaries. In these times of high inflation where "everything except salary is rising," it may seem difficult to find a rental house for 200,000 won per month, but regardless, this amount is precious money for low-income youth.

However, upon examining the period, it is a one-year temporary support. The question "What happens after that?" naturally follows. Although low-income youth will continue to face a difficult life without housing and with insufficient income, the political sphere, having gone through the "presidential election" event during that one year, is expected to turn a blind eye again, which leaves a bitter feeling.

Recently, the National Tax Service announced an investigation targeting people in their teens and twenties who, despite being early in their careers, purchased high-priced apartments worth tens of billions of won. This is a story from a completely different world, unimaginable to low-income youth who move from one 200,000 won monthly rent room to another. Even for the ordinary majority of the 2030 generation, the skyrocketing housing prices over the past four years are simply an "unreachable wall." This is why the government's announcement that it will "reduce disparities within the youth generation so that all young people can start from a fair starting line" sounds like an empty echo.

The lives of young people, which have been gradually destroyed over a long period, cannot be resolved overnight. Even if the government immediately announces a "special measure" with a figure of "20 trillion won," this kind of "temporary cash support" method is nothing but a deception. Perhaps feeling embarrassed themselves, the ruling party and government unexpectedly pulled out the "special supply of apartments for youth" card during the announcement. This was not included in the original announcement. Even this was only at the level of "we will consider it," a half-baked bait without internal consultation. Immediately, harsh criticism arose within the party, saying "It's something that gets criticized even after giving" (Jo Eungcheon, Democratic Party lawmaker).

The key is to increase quality job opportunities for youth employment, but at this point, the government only made an abstract statement that "a task force (TF) will be formed next month to spread a social atmosphere that expands recruitment in large corporations, financial companies, and public enterprises." While the political sphere is obsessed with "immediate elections," young people’s entire lives are being destroyed. This is not just a youth problem. Last year, the number of newborns was about 270,000, the lowest ever recorded. This number is even less than the admission quota for four-year universities in Korea (310,000). The suffering of youth will inevitably return as a crisis for the entire Republic of Korea.

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