Hong Ik-pyo: "Yoon Administration's Fiscal Management Goes Backward Amid 'Livelihood Collapse'"

"Budget Slashed by One Word from an Economically Illiterate President"
"Hold May Extraordinary Session and Ensure Passage of Key Bills"

Hong Ik-pyo, floor leader of the Democratic Party of Korea, criticized the government's 'sound fiscal policy' stance, citing difficulties in the economic situation, including high inflation.

On the morning of the 25th, at a policy coordination meeting held at the National Assembly, Floor Leader Hong stated, "News showing the collapse of people’s livelihoods and economic difficulties are pouring in," adding, "Food prices such as apples, pears, green onions, followed by cabbage, cabbage, onions, and Korean melons are soaring." He continued, "When high inflation impoverishes the lives of the people and the economy begins to stagnate, the basic principle of fiscal policy is for the government to actively operate expansionary fiscal policy to support livelihoods and create momentum for economic growth," criticizing, "The Yoon Seok-yeol administration is going exactly in the opposite direction."

Hong Ik-pyo, the floor leader of the Democratic Party of Korea, is attending the policy coordination meeting held at the National Assembly on the 25th. Photo by Hyunmin Kim kimhyun81@

Floor Leader Hong said, "The government has finalized the basic direction for the 2025 budget draft, and the core is to maintain a sound fiscal policy stance by cutting government spending by more than 10%," adding, "The president, who orders budget cuts unconditionally without justifiable reasons and analysis, is showing up in our fiscal management, just like when the research and development (R&D) budget was slashed due to a single ignorant remark from a president who is truly uninformed about the economy."

He continued, "Scholars are also criticizing, saying 'The Yoon Seok-yeol administration is a unique case that does not attempt to systematize policy vision,' and 'There is no policy itself,'" adding, "The incompetence and irresponsibility of having no policy at all have already been judged." He then asserted, "Nevertheless, if the government does not change its national policy direction, the Yoon administration will not only end in an unhappy conclusion but will also cast a large shadow over the lives of the people and the Korean economy."

Following his 'economic mismanagement theory,' Floor Leader Hong sharpened his criticism toward the government with 'legislative pressure.' Referring to the currently difficult schedule of the May extraordinary session of the National Assembly, he pointed out, "Not agreeing on the agenda to prevent the majority party from unilaterally passing bills is an act of ignoring the people."

He said, "The National Assembly, the president, and the government each exercise their constitutional rights and bear political responsibility for them," adding, "The majority party has the majority of seats and passes bills, and if a bill passes, the president and government can use veto power, and the National Assembly can confirm whether the bill passes or not through the re-deliberation process." He continued, "Not holding meetings because there is no agreement undermines the principle of majority rule," emphasizing, "Not holding meetings so that discussions cannot take place and bills cannot be processed is clearly an abuse of authority by the chairperson or the relevant standing committee chair."

Hong Ik-pyo, the floor leader of the Democratic Party of Korea, is speaking at the policy coordination meeting held at the National Assembly on the 25th. Photo by Hyunmin Kim kimhyun81@

Floor Leader Hong stated, "Our party will definitely handle three tasks before concluding the 21st National Assembly: the special law on the Itaewon disaster, the special prosecutor law on the death of Marine Corps soldiers, and the special law on jeonse fraud," emphasizing, "We plan to definitely hold a plenary session on May 2 to confirm the plenary submission of the special law on jeonse fraud, and we will make sure to pass this bill at the end of the May session."

Meanwhile, the Democratic Party is expected to submit a request to convene the May extraordinary session of the National Assembly (April 30 to May 29) on the 26th.

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