"'The Storehouse Is Emptying,' Says Hong Nam-ki... Won Hee-ryong Asks, 'Aren't You Embarrassed by the Nickname 'Hongdusami'?"

"Incompetence and Irresponsibility Combine to Create 1,000 Trillion Won National Debt"

Former Jeju Governor and People Power Party presidential primary candidate Won Hee-ryong is announcing a women's safety pledge on the morning of the 7th at the National Assembly Communication Office in Yeouido, Seoul.
[Image source=Yonhap News]

[Asia Economy Reporter Heo Midam] On the 7th, former Jeju Governor Won Heeryong, a presidential candidate from the People Power Party, criticized Deputy Prime Minister and Minister of Economy and Finance Hong Namgi's remark that "the nation's treasury is running empty," saying, "Isn't it embarrassing for the economic chief nicknamed 'Hongbaekgi' and 'Hongdusami'?"

Deputy Prime Minister Hong had clashed with the ruling party over nationwide disaster relief payments but repeatedly backed down without taking the lead, earning the derogatory nicknames 'Hongbaekgi' and 'Hongdusami.'

On the same day, former Governor Won posted on his Facebook under the title "Deputy Prime Minister Hong Namgi, who is depleting the national treasury and using dissociative rhetoric," stating, "Incompetence and irresponsibility have combined to create a national debt of 1,000 trillion won."

He pointed out, "Ruling party lawmaker Ko Minjung asked Deputy Prime Minister Hong, who has depleted the treasury, 'Why do you store grain in the treasury?' In response, Hong fixed the timeline for fiscal soundness improvement to 2023, saying 'the nation's treasury is running empty,' and shifted responsibility to the next administration."

He continued, "Spending money enthusiastically but making evasive remarks with dissociative rhetoric, combined with ruling party lawmakers who do not understand how the national budget operates, has resulted in the completion of a 1,000 trillion won national debt," he criticized.

Former Governor Won also addressed Deputy Prime Minister Hong, saying, "The public cannot even grasp where the enormous amount of money is being spent," and added, "It is truly embarrassing to see him boasting about economic policy achievements without properly compensating self-employed and small business owners for their damages."

Furthermore, he emphasized, "Do not spend grain without knowing where it is used, and as the treasury runs empty, the people should at least be well fed," adding, "As the economic chief of the Moon Jae-in administration, Deputy Prime Minister Hong must take firm responsibility for the 1,000 trillion won national debt."

Deputy Prime Minister and Minister of Economy and Finance Hong Nam-ki is responding at the plenary meeting of the Special Committee on Budget and Accounts held at the National Assembly in Yeouido, Seoul on the 6th.
[Photo by Yonhap News]

Earlier, on the previous day at the National Assembly's Budget and Accounts Special Committee comprehensive policy questioning, Democratic Party lawmaker Ko Minjung said to Deputy Prime Minister Hong, "You should reflect on how much support was felt by the people when they were in hardship," and asked, "Why do you think grain is stored in the treasury?"

Deputy Prime Minister Hong responded, "The nation's treasury is not accumulating but running empty, so the situation is quite difficult," adding, "Compared to the impact of COVID-19, support has not been satisfactory, but the government has made every effort to provide support, including preparing six supplementary budgets."

He also replied to People's Party lawmaker Lee Taekyu's remark that national debt will exceed 1,000 trillion won in next year's budget, saying, "I think the speed of debt increase is steep."

Deputy Prime Minister Hong stated, "There was an inevitable aspect for the fiscal role to be played while overcoming COVID-19 last year and this year," and "(Now) we are moving toward expansionary fiscal policy, but normalization steps should be taken from next year onward."

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