Yoon and Party's 'Compensation Discrepancy' with Kim Jong-in Saying "Lee Should Consult with Moon Administration"

Small Business Loss Compensation Pledge of 50 Trillion
Kim Jong-in Proposes 100 Trillion Injection

People Power Party Campaign Committee's Strategic Deliberation
Prefers Budget Reallocation Over Supplementary Budget

Yoon Seok-yeol, the presidential candidate of the People Power Party (center), is speaking at the 'National Balanced Development Completion Resolution Rally' hosted by the Chungbuk and Chungnam Residents' Association, held on the 8th at the Air Force Hotel in Yeongdeungpo-gu, Seoul. Photo by Yoon Dong-ju doso7@

[Asia Economy Reporters Hyunju Lee, Boryeong Geum] The People Power Party appears to be in a state of 'strategic dilemma' over the issue of drafting an additional supplementary budget (추경) for small business owners' loss compensation. As the discord between presidential candidate Yoon Seok-yeol and General Election Committee Chairman Kim Jong-in became apparent, the election committee quickly moved to manage the situation. Originally, the plan started from Yoon's idea of securing 50 trillion won, but as the controversy grew, there have been attempts to shift the blame toward the government and the ruling party's presidential candidate. While cautious not to appear passive about loss compensation, they seem to be calculating carefully to prevent a massive compensation package from turning into an advantage for the ruling party candidate.

In addition to Yoon's pledge to establish a 50 trillion won fund for loss compensation, Chairman Kim recently stated that 100 trillion won should be invested. Furthermore, Yoon said the supplementary budget should be drafted "as soon as possible (by the 10th)," but Chairman Kim said it should be done after taking office. This reflects the calculation that if the current government drafts the supplementary budget and pays loss compensation before the election, it would not be beneficial for the People Power Party.

The People Power Party has expressed a position favoring budget reallocation over a supplementary budget, considering fiscal constraints. On the 13th, party leader Lee Jun-seok appeared on the radio and said, "Our position has been that the supplementary budget must be pursued very cautiously under the Moon Jae-in administration's fiscal conditions." He added, "From that perspective, even if the candidate and Chairman Kim Jong-in made declarative statements, detailed discussions with the party are necessary." Regarding Yoon's statement about the supplementary budget, he said, "It can be seen as a slip of the tongue, but it should be regarded as an expression of intent."

As discord between the candidate and the committee continued, Chairman Kim shifted the focus toward President Moon Jae-in and Democratic Party presidential candidate Lee Jae-myung to manage the situation. At the 3rd Election Committee meeting held at the National Assembly that day, he sharply addressed Lee, saying, "What Yoon said was to present to the public what he would do if he came to power, so it is wrong to misunderstand it as a form of negotiation with the ruling party candidate." He added, "If Lee recognizes the seriousness of the COVID-19 situation, he should propose to President Moon by May 9 next year and discuss how to draft the supplementary budget if necessary." Senior Spokesperson Lee Yang-su of the election committee also said, "The candidate did not recklessly say the ruling party should propose a supplementary budget to the opposition; as a responsible ruling party, they should negotiate with the government and discuss with the Ministry of Economy and Finance to prepare a 100 trillion won supplementary budget plan. This means they are always open to consultation." He added, "Preliminary party-government consultations must be a prerequisite, and Chairman Kim shares the same view."

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