People Power Party Criticizes Government Budget as "Unprecedented Debt-Fueled Plan... A Bill Increasing Public Burden"

"National Debt Expected to Surpass 2,000 Trillion Won"
People Power Party Criticizes Government's Unprecedented Debt-Fueled Budget

The People Power Party criticized the government's proposed budget for next year, totaling 728 trillion won, calling it an "unprecedented debt-fueled budget that shifts 109.9 trillion won in deficit bonds onto future generations, and a bill that increases the burden on the public."

On August 31, through a statement issued under the name of Assemblyman Park Hyungsoo, secretary of the National Assembly Budget and Accounts Special Committee, the People Power Party stated, "This will force the public to tighten their belts even further and amounts to a tax bomb in the form of a tax hike."

Members of the People Power Party's National Assembly Budget and Accounts Special Committee, Ji Yeon Cho (from left), Hyungsoo Park, Baesuk Cho, and Kiwoong Kim, are holding a press conference on the 29th at the National Assembly Communication Office in Yeouido, Seoul, condemning the Democratic Party's unilateral operation of the Budget and Accounts Committee. Photo by Yonhap News

Assemblyman Park said, "National debt will increase by 11.2% (142 trillion won) compared to the 2025 main budget, exceeding 51% of gross domestic product (GDP)," and argued, "It is predicted that during the term of the Lee Jaemyung administration, national debt will reach the 2,000 trillion won era."

He continued, "The most concerning individual projects are the National Growth Fund, which is planned to be created with 100 trillion won, and various other fund budgets," adding, "These could end up as 'empty funds' for the public."

Assemblyman Park emphasized, "The total size of the parent funds across 10 ministries has doubled from 1 trillion won this year to 2 trillion won next year. Since government policy fund projects inevitably yield much lower investment returns than private venture capital, indiscriminately increasing the size of policy funds risks wasting taxpayers' money."

He also stated, "There are lingering doubts that the National Pension Service will invest the 350 billion dollars promised for investment in the United States," and added, "This is reminiscent of the gold collection campaign during the International Monetary Fund (IMF) crisis, which was used to overcome the national crisis."

Assemblyman Park declared, "We will thoroughly investigate whether there are any budget allocations for rewarding supporters with positions, demands from the Korean Confederation of Trade Unions such as the Yellow Envelope Act and amendments to the Commercial Act, or budget bills for supporting their base, and will demand that any such items be completely eliminated."

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