"'No Show' was actually a 'Show' after all"… Opposition Criticizes, Ruling Party Praises

Live Broadcast on the 27th of President Yoon's Emergency Economic and Livelihood Meeting: Opposing Evaluations from Ruling and Opposition Parties
Ruling Party: "People Likely Less Worried"
Opposition Party: "Idle Emergency Meeting" "Emergency, Economy, Livelihood All Missing" "Why Was It Held?"

[Image source=Yonhap News]

[Asia Economy Reporter Oh Ju-yeon] The ruling and opposition parties delivered starkly contrasting evaluations on the emergency economic and livelihood meeting chaired by President Yoon Seok-yeol on the 27th.

Lee Jae-myung, leader of the Democratic Party of Korea, after inspecting the fire damage site at Daegu Maechun Market on the morning of the 28th, stated at the Supreme Council meeting held on-site, "Regardless of political positions, the ruling and opposition parties need to put aside political strife and join forces for a safe society," adding, "There was an emergency economic and livelihood meeting chaired by the president yesterday, but unfortunately, in our assessment, there was neither emergency, economy, nor livelihood addressed."

Lee emphasized, "Due to rising prices, exchange rates, interest burdens, and the financial crisis triggered by Kim Jin-tae, the capital market has fallen into tremendous chaos," and added, "The livelihood and economic crisis is more severe than ever. At times like this, instead of boasting with rosy forecasts and repeating the authorities’ statements during the IMF crisis that fundamentals are sound, we must acknowledge the crisis, recognize its seriousness, and swiftly devise countermeasures."

On the same day, Representative Woo Sang-ho also appeared on CBS Radio's 'Kim Hyun-jung's News Show' and harshly criticized, saying, "If the emergency economic countermeasure meetings were usually conducted like this, South Korea would be in big trouble," and "I told them not to put on a show, but they did. It looks too idle."

In particular, Representative Woo questioned the Financial Services Commission's decision during the previous day's meeting to lower the loan-to-value ratio (LTV) for mortgage loans for non-homeowners and one-homeowners to 50% and to allow mortgage loans for apartments exceeding 1.5 billion won, saying, "The biggest current risk to South Korea's economy is the 'Kim Jin-tae-triggered liquidity crunch possibility.' Then why are they talking about LTV measures?"

He added, "The president’s lack of economic understanding and the way the meeting was conducted made me think we are in serious trouble, and it only increased my worries."

Lee Yong-woo, regarded as an 'economic expert' within the Democratic Party, also criticized on MBC Radio's 'Kim Jong-bae's Focus,' saying, "I don't know why the meeting was held." He evaluated, "The title was 'Emergency Economic and Livelihood Meeting,' but I did not feel any emergency at all, and it was a meeting that did not discuss livelihood."

He said, "It was not a meeting that prescribed what the public wants to hear or what is needed; it was just the president saying what he wanted. Such meetings are unnecessary." He pointed out that the essential topics that should have been discussed were the 'Kim Jin-tae governor-triggered Legoland incident' and 'livelihood.'

On the other hand, the People Power Party praised the meeting for providing direction on overall economic policy.

On the same day, Seong Il-jong, chairman of the People Power Party's Policy Committee, evaluated the emergency economic and livelihood meeting at a follow-up inspection meeting after the national audit, saying, "The public’s worries were greatly alleviated."

He said, "The president’s remark that all ministries must become export ministries for the sake of livelihood and the future is an accurate recognition from South Korea’s current position," and emphasized, "We will actively support the party’s efforts to implement real estate measures such as easing interim payment loans for new apartments, mortgage loans, and LTV relaxation for one-homeowners, as well as bold liquidity supply measures and manpower support plans to revitalize small and medium enterprises and ventures."

Chairman Seong also said that party-government consultations will continue to prepare follow-up measures for livelihood support, especially announcing plans to prepare and announce financial support measures such as refinancing loans, safe conversion loans, and loan support for financially vulnerable groups.

Hong Seok-jun, deputy floor leader of the People Power Party, also evaluated on MBC Radio that "the Yoon Seok-yeol administration’s urgency regarding the national economy was evident, and some areas related to real estate and daily life, which many citizens are currently very curious about, were mentioned. Although there were some shortcomings, overall, it was meaningful in presenting direction for overall economic policy."

Regarding criticism that there was no mention of the Legoland incident, he explained, "There is some regret about that, but such discussions have come up a lot in other meetings."

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