Lee Jae-myung on Yoon Seok-yeol's '50 Trillion' Support Plan: "Hope It's Not Populism"

Yoon Seok-yeol "50 Trillion Won Compensation for Self-Employed Losses"
Lee Jae-myung "May Appear as Mocking the People"

Lee Jae-myung, the Democratic Party presidential candidate, visited the Korea Christian Council at the Korea Christian Hall in Jongno-gu, Seoul, on the 8th and delivered a greeting.
[Image source=Yonhap News]

[Asia Economy Reporter Heo Midam] Yoon Seok-yeol, the presidential candidate of the People Power Party, recently revealed plans to invest 50 trillion won to fully compensate self-employed business owners for their losses. In response, Lee Jae-myung, the presidential candidate of the Democratic Party of Korea, pointed out on the 8th, "I hope this is not populism."

On the same day, Lee posted on his Facebook under the title "Candidate Yoon Seok-yeol, People’s Livelihood Comes Before Political Strategy," stating, "Politics should be solely about the people and their livelihood, not about dividing sides."

He criticized Yoon, saying, "While opposing the 13 trillion won support paid through local currency last year as the first disaster relief fund?which had the dual effect of supporting household income and increasing sales for small business owners?claiming that providing 50 trillion won, especially after becoming president, could be seen as mocking the people."

He added, "Considering that Korea has the lowest level of COVID-19 relief funds worldwide, the highest household debt ratio, the lowest household income support and low national debt ratio, and the economic activation effect of fiscal spending, I believe additional support for households and self-employed business owners through expansionary fiscal policy, like other countries, is absolutely necessary."

Yoon Seok-yeol, the presidential candidate of the People Power Party, is delivering a greeting at the current affairs briefing held at the National Assembly on the 8th. [Image source=Yonhap News]

Lee emphasized, "I hope this is not populism that opposes the opponent’s claims unconditionally regardless of their intent and recklessly promises to do it later without any funding plan once becoming president."

He also added, "This support is needed immediately, not next year, and even if it is to be done next year after becoming president, it must be included in this year’s budget, so I urge cooperation in the preparation of next year’s budget right now."

Finally, he concluded his post by saying, "I hope the 50 trillion won support budget will not end as mere rhetoric but will be followed by concrete action."

Earlier, on the 7th, candidate Yoon stated in an interview with Chosun Ilbo, "Within the first 100 days of the new government, we will invest 50 trillion won to compensate for damages caused by government-imposed business restrictions," adding, "The piecemeal support like the universal disaster relief fund proposed by candidate Lee is not acceptable." He further said, "Damages caused by government restrictions on business hours and personnel must be fully compensated in principle," and "We will quantify and grade the damages and compensate based on clear principles."

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