Opposition, "Unlimited Responsibility for People's Livelihood Economy... Urgent Special Measures Needed"

On the 21st, 1st Meeting of the People’s Livelihood Priority Action Group
6 TFs Formed with 106 Democratic Party Lawmakers Participating... Measures for Livelihood Prepared

[Asia Economy Reporter Oh Ju-yeon] The Democratic Party of Korea emphasized "infinite responsibility for the livelihood economy" on the 21st and began seeking measures to address economic issues such as price stabilization.

On the afternoon of the same day, the Democratic Party held the first full meeting of the Livelihood Priority Implementation Team at the National Assembly, reporting on the progress since its launch on the 14th and discussing future legislative and policy improvement tasks related to livelihood issues.

Park Hong-geun, head of the Minsheng Priority Practice Group of the Democratic Party of Korea, is attending the 1st plenary meeting of the Minsheng Priority Practice Group held at the National Assembly on the 21st, delivering opening remarks. Photo by Yoon Dong-joo doso7@

Woo Sang-ho, the emergency committee chairman, stated in his opening remarks, "The current livelihood economy is facing a multi-layered crisis," pointing out, "There are forecasts that the year-end loan interest rates will enter the 8% range, and both the livelihoods of small business owners who have been sustaining themselves through loans and the household debt amounting to 1900 trillion won are facing serious risks."

He emphasized, "An extraordinary sense of crisis and drastic countermeasures are necessary," adding, "As the ruling party in the National Assembly, the Democratic Party will take the lead in resolving the crisis with a commitment to infinite responsibility for the livelihood economy."

The Democratic Party's Livelihood Priority Implementation Team is composed of a total of six task forces, with 106 Democratic Party lawmakers participating, each assigned to different teams.

Park Hong-geun, the floor leader and head of the team, said, "Starting with a visit to the site of soaring prices on the 15th, we have held on-site meetings with the Korea Federation of Banks to stabilize interest rates on loans for ordinary citizens, meetings with people with developmental severe disabilities and transportation workers, and this morning, we also visited a site meeting on measures against soaring prices," adding, "The Democratic Party will find answers at the livelihood sites. We will communicate with the field centered on the Livelihood Priority Implementation Team and prepare effective livelihood measures."

Regarding the People Power Party, Floor Leader Park criticized, "Despite the economic crisis, the government and ruling party, who are only preoccupied with political retaliation and internal conflicts without regard for the desperate livelihood of the people, are deepening the public's worries," and pointed out, "Urgent priority is to stabilize livelihoods through bipartisan cooperation and alleviate the suffering of the people."

He also urged, aware of the delay in the National Assembly's organizational negotiations, "We call for a decision from President Yoon Seok-yeol and the People Power Party to restore trust between the ruling and opposition parties and normalize the National Assembly."

On the same day, the chief deputy floor leaders of both ruling and opposition parties held a closed-door senior meeting at 3 p.m. in the National Assembly Steering Committee chairman's office to negotiate the second half of the National Assembly's organization, but after confirming differences in positions again following the previous day, they left without progress.

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