Lee Jae-myung: "Yoon Government Should Expand Government Functions and Roles Especially in Difficult Times"

Democratic Party Begins Economic Review of Yoon Government on the 1st
Discussion on 'The Future of the Korean Economy Amid Crisis'

Lee Jae-myung, leader of the Democratic Party of Korea, criticized the Yoon Seok-yeol administration's economic policy emphasizing "sound fiscal management" on the 1st, saying, "When the (economic) situation is difficult, it is the government's role to stimulate the economy, but it is going in the completely opposite direction."

[Image source=Yonhap News]

On the afternoon of the same day, Lee attended the discussion forum titled "Democratic Economic Talk, Discussing the Future of the Korean Economy Amid Crisis" held at the National Assembly, and said, "In just a year and a few months, South Korea's economic status has plummeted rapidly."

Lee stated, "When the 'boritgogae' (a difficult period of food shortage) comes, we must first overcome that crisis well and prepare for the future even in difficult circumstances," and criticized, "But looking at the government's behavior, it seems to think, 'Since it's a boritgogae and difficult, let's just save for now.'" He added, "The government’s attitude is like, 'It's hard and tough, so let's all save; what kind of studying is there?'" and pointed out, "Seeing the R&D (Research and Development) budget drastically cut because of fiscal difficulties made me question whether they have a basic understanding of the economy." He continued, "The more difficult the time, the more natural it is for households or production sector companies to reduce spending or face income decreases, and for the government to increase its functions and roles. Isn't the government supposed to play a coordinating role among the three economic agents? But it is abandoning that coordinating role," he criticized.

Lee questioned, "Since it's difficult, the government also wants to save, but does the government increase spending when the situation is good?" and emphasized, "Even if I say it a hundred times, it may be useless and worrisome, but I think we must keep speaking until they listen and fiercely carry out whatever roles we can find. This might help to restore people's livelihoods and the economy even a little."

The event was co-hosted by the party's Policy Committee and the Livelihood Economic Crisis Countermeasures Committee.

Kim Tae-nyeon, chairman of the party's Livelihood Economic Crisis Countermeasures Committee, criticized, "When I go to the field, people are pleading that things are very difficult, but the government is nowhere to be seen," and said, "They only talk about 'sound fiscal management' but do not present any livelihood measures." He added, "I think it is because the government does not empathize with the people's suffering," and said, "Although we are the opposition party and face many limitations, we will continuously monitor people's livelihoods and the economy and come up with countermeasures."

Lee Gae-ho, chairman of the Policy Committee, pointed out, "There is no sign of the Yoon Seok-yeol government's efforts to overcome the complex crisis," and said, "Investment to expand the future foundation has also disappeared." He emphasized, "We must save the national economy before the national finances, and a major shift in economic policy must be achieved now before falling into a deeper quagmire."

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