Jang Sung-min "Stop the Crazy Debt Party of 1000 Trillion National Debt Immediately"

Former Assemblyman Jang Sung-min. / Photo by Dongju Yoon doso7@

[Asia Economy Reporter Naju-seok] Jang Sung-min, a presidential candidate from the People Power Party, demanded on the 1st to "stop the crazy debt party immediately" in response to the national debt exceeding 1,000 trillion won.

On this day, Jang stated through social media (SNS), "For the first time since the founding of Gojoseon by Dangun, South Korea's national debt has surpassed 1,000 trillion won," diagnosing it as "a self-portrait of South Korea, which has fallen into a republic of debt overnight."

He pointed out, "Under the Moon Jae-in administration, the rise in national debt and per capita personal debt has grown like a snowball effect, and the Moon administration's crazy debt party is a reckless sprint without brakes," adding, "This is also the rate of increase in future anxiety per citizen and the rise in uncertainty."

Jang criticized, "The decisive factor that caused all countries except the United States to stop economic growth and become developing countries was national debt," and said, "Japan responded not with market economy reforms but with more debt. As a result, a 20-year economic recession continued." He added, "While the Moon Jae-in administration shouted for the eradication of indigenous pro-Japanese collaborators, on the other hand, it is following Japan's path of halted economic growth due to excessive national debt," calling it "the height of pathetic ignorance."

Jang warned, "Are they unaware of the correlation between debt and growth, where the absence of economic growth significantly contributes to the soaring debt ratio, and the soaring debt ratio also contributes to halting economic growth?" He cautioned, "If the Moon Jae-in administration does not stop the budget and economic policies leading to national bankruptcy, we may face another national default situation."

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