"Is the Deputy Prime Minister Speaking Appropriately?" Park Hong-geun's Direct Criticism of Choo... "All Means Must Be Explored"

Choo Kyung-ho: "Cannot Solve All Economic Agents' Difficulties"
Park Hong-geun: "Is That What an Economic Control Tower Should Say?"
"Government Must Support Vulnerable Groups with a Strong Social Safety Net"

[Asia Economy Reporter Naju-seok] Park Hong-geun, floor leader of the Democratic Party of Korea, criticized Deputy Prime Minister for Economy Choo Kyung-ho's remark on the 13th that "policy authorities cannot solve all difficulties of economic agents," warning, "Now is the time to devise all possible measures to support the lives of the people. Otherwise, it will not be a Korea that leaps forward again, but an era of national bankruptcy."

Park made these remarks while criticizing the overall economic policy direction of the Yoon Seok-yeol administration at the National Assembly's audit countermeasure meeting held that day.

[Image source=Yonhap News]

Park said, "Yesterday, the Governor of the Bank of Korea raised the base interest rate and mentioned future pain," introducing that "the pain will be significant among vulnerable groups such as multiple debtors, low-income groups, low-credit borrowers, and the 'Yeongkkeul' group who borrowed heavily to buy homes." He also cited the International Monetary Fund (IMF)'s downward revision of economic growth forecasts, pointing out that "concerns about a recession are spreading throughout the economy, and the direct impact of steep interest rate hikes falls on ordinary citizens and small business owners."

He mentioned the economic difficulties faced by salaried workers, self-employed individuals, and marginal companies, criticizing, "At times like this, the government should embrace vulnerable groups through a robust social safety net, but the Yoon Seok-yeol administration is going in the opposite direction."

Park criticized, "They drastically cut the budget for low-income households, as well as budgets for national and public daycare centers, senior job programs, senior centers, Youth Tomorrow Savings Deduction, eco-friendly agricultural and marine product support for pregnant women, permanent rental housing, and local currency, then President Yoon advocates for a Korean-style welfare transformation by promoting private-led services," adding, "This is nothing more than shifting the minimum state responsibility onto the private sector."

He continued, "Deputy Prime Minister for Economy Choo Kyung-ho went further, saying 'policy authorities cannot solve all difficulties of economic agents,'" raising his voice, "He consistently maintained a complacent attitude that there is no problem and everything is fine, so is this the kind of statement the government responsible for the people's lives, especially the economic control tower deputy prime minister, should make now?"

Park concluded, "Now is the time to devise all possible measures to support the lives of the people."

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