Lee Jae-myung: "Incompetent Government is the Biggest Risk... Please Show Willingness and Alternatives to Overcome the Crisis"

Lee Jae-myung, leader of the Democratic Party of Korea, is attending the Supreme Council meeting held at the National Assembly on the 12th and delivering opening remarks. Photo by Yoon Dong-joo doso7@

[Asia Economy Reporter Naju-seok] Lee Jae-myung, leader of the Democratic Party of Korea, appealed on the 18th, "The ruling party must realize that it cannot overcome the crisis by obsessing only over ultra-rich tax cuts without any policy alternatives to address the livelihood crisis," and urged, "The government should show the will and alternatives to overcome the crisis."

Through social media (SNS) on the same day, Lee said, "The financial paralysis caused by the 'Kim Jin-tae-triggered financial crisis' is continuing, and the chain bankruptcy of construction companies is becoming a reality," adding, "Although the financial market crisis is spreading to the real market and threatening people's livelihoods, it is questionable whether the government is devising comprehensive countermeasures accordingly."

He expressed concern, saying, "At the end of last November, Dongwon Construction, ranked 18th in contracting in the Gyeongnam region with over 20 years of business experience, went bankrupt, and recently, an incident occurred where the CEO of a construction company in Daegu disappeared after withholding wages," and "Construction stoppages are occurring everywhere, putting numerous partner companies into a chain of financial difficulties."

Lee said, "In the precarious situation of rising raw material prices and a real estate market slump due to interest rate hikes, the shock triggered by Kim Jin-tae and the government's delayed response have dealt a blow to the capital market," adding, "The incompetent government has become the greatest risk, returning as an unbearable cost."

He stated, "Although the cow is lost, at least the barn must be properly fixed," and warned, "If interest rates rise further at the end of the year and the maturity of PF loans amounting to about 34 trillion won comes due, the situation will become more serious. Please prepare meticulous and preemptive countermeasures assuming the worst-case scenario of chain bankruptcies, anticipating where and how the collapse will occur."

Lee emphasized, "The warning signs of the economic crisis have been repeated for a long time," and urged, "It is no longer acceptable to respond hastily with after-the-fact measures only after the situation has occurred."

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