Choo Kyung-ho: "Democratic Party Obsessed with Failing the Economy... Addicted to Debt"

"Irresponsible Populism Burdening Future Generations with Debt Bomb"

Choo Kyung-ho, floor leader of the People Power Party, criticized the Democratic Party of Korea for "being desperate to ruin the economy" after they unilaterally passed the law providing 250,000 won to all citizens and the Yellow Envelope Act at the standing committee meeting the day before.

Chu Kyung-ho, floor leader of the People Power Party, is speaking at the party's strategy meeting held at the National Assembly on the 19th. Photo by Hyunmin Kim kimhyun81@

On the 19th, Choo held a floor strategy meeting at the National Assembly and said, "The Democratic Party is pushing forward not only impeachment and special investigations for political strife but also harmful laws that will strangle businesses and the economy without proper review." He added, "The Democratic Party's irrational, all-out legislative rampage is destroying parliamentary democracy and is poised to ruin the national economy and the country's finances."

Choo pointed out, "The problems with the Lee Jae-myung-type law to distribute 250,000 won in livelihood support to all citizens, which the Democratic Party is promoting, are obvious." He said, "The economic stimulus effect is minimal, but it causes inflation and interest rate hikes, increasing the burden on ordinary citizens and businesses. It plans to secure 13 trillion won in funding through national debt, which will once again trigger warning signs for the country's finances." He continued, "It is also a law with many unconstitutional elements that severely infringe on the government's budget formulation authority. Helicopter money-style cash handouts are all national debt. Ultimately, it is an irresponsible populist law that saddles the youth and future generations with a debt bomb."

He added, "During the five years of the Moon Jae-in administration, the Democratic Party irresponsibly increased the national debt by 400 trillion won, ushering in the era of 1,000 trillion won in national debt, and now they want to recklessly hold a debt party with supplementary budgets. The Democratic Party is addicted to debt as well as impeachment."

Regarding the Democratic Party's unilateral passage of the Yellow Envelope Act at the Environment and Labor Committee's agenda adjustment meeting the day before, he said, "It is an illegal strike-promoting law that will throw our country's labor-management relations and entire legal system into chaos." He emphasized, "The Democratic Party must seriously consider why six economic organizations yesterday urged the suspension of legislation on the Yellow Envelope Act, calling it a harmful law that threatens all workers and future generations' jobs."

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