Yoon Jae-ok: "Democratic Party Cannot Hold Elections Without Being Addicted to 'Cash Handout' Populism"

No Legislative Discussion on Fiscal Rules
Civil Groups Criticize Sakyung Act Controversy
"Stop the Baseless Bill Hostage Drama"

Yoon Jae-ok, the floor leader of the People Power Party, pressured the Democratic Party of Korea to actively engage in the legislation of fiscal rules.

At the floor strategy meeting held at the National Assembly on the 26th, Yoon urged, "The Democratic Party should stop the baseless bill hostage-taking and cooperate in the introduction of fiscal rules."

He began by citing the emphasis on the importance of fiscal soundness made by former economic vice premiers and others at the conference commemorating the 60th anniversary of the establishment of the five-year economic development plan held the previous day. Fiscal rules are norms that manage fiscal soundness indicators so that they do not exceed a certain level. The National Assembly's Planning and Finance Committee, which oversees laws related to fiscal rules, went on a business trip to Europe last month with the chairman and party floor leaders for legislation purposes. However, the Democratic Party still demands the passage of the Social Economy Basic Act together and questions the urgency, resulting in the bill's processing being virtually canceled in the May National Assembly session.

Yoon Jae-ok, floor leader of the People Power Party, is speaking at the floor strategy meeting held at the National Assembly on the 26th. Photo by Kim Hyun-min kimhyun81@

Regarding the reason why the bill discussions are not properly conducted in the National Assembly, Yoon said, "The Democratic Party is holding a bill hostage by saying that the fiscal rules can only pass if the Social Economy Basic Act is passed," and claimed, "The Social Economy Basic Act mandates that about 7 trillion won annually, approximately 10% of the total scale, must be compulsorily purchased from social enterprises and cooperatives controlled by opposition civic groups during public procurement."

Yoon criticized the Democratic Party's claim, saying, "They intend to lavish benefits on activist civic groups, which are their voter base." He added, "As we witness rampant corruption and misconduct among civic groups recently, public anger is rising," and "Providing massive government funds to social enterprises and cooperatives that control civic groups mired in moral hazard is a waste of fiscal resources and goes against public sentiment."

He continued, "Fiscal rules are meant to manage the soaring national debt, improve fiscal soundness and national credit rating, and strengthen the fundamental health and sustainable capacity of our economy," and pointed out, "The Democratic Party's persistent obstruction of the introduction of fiscal rules is likely because they cannot win elections without populism addiction such as free support and cash handouts."

He also emphasized, "Our country, which has entered a phase of low growth and aging, must manage debt appropriately and achieve national structural reform," and "Just like the economic development plans during the era of former President Park Chung-hee, fiscal rules, the basic foundation of fiscal soundness, will be a solid cornerstone supporting the next 60 years of the Republic of Korea's economy."

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