[Asia Economy Reporter Lee Ji-eun] The United Future Party has targeted the Moon Jae-in administration's 'income-led growth' policy as an 'unemployment-led economic collapse,' criticizing the failure of economic policies. Shin Se-don, co-chairman of the United Future Party's joint election committee, proposed unemployment measures and demanded the president to invoke emergency fiscal and economic powers.
Kim Jong-in, the United Future Party's overall election committee chairman, said on the 3rd during a visit to support candidates in Yeonsu-gu, Incheon, "The past three years of economic policy have not resulted in income-led growth but rather an unemployment-led economic collapse producing massive unemployment."
He added, "The lives of the people have become very difficult, especially small business owners, self-employed workers, and employees working in these sectors. People are struggling greatly," and continued, "There is a saying going around that 'whether you die from the coronavirus or starvation, what's the difference?' People are saying, 'We can't endure this any longer; we need change now.'"
He criticized, "The government has talked a lot about providing emergency disaster relief by giving 1 million won per household to help those struggling due to the COVID-19 crisis, but no implementation plan has been announced," and said, "Even when ways to take quick action are suggested, they don't understand what is being said, only opposing it and refusing to implement it. That is the reality of the government."
During a campaign event in Michuhol-gu, he also said, "Once the COVID-19 crisis passes to some extent, the next situation will be the COVID economy," and criticized, "The Moon Jae-in government lacks the ability to navigate this situation, and looking at the economic policies implemented by this government over the past three years, it will not demonstrate the capability to solve the various economic problems that will come in the future."
On the same day, Shin held a press conference at the National Assembly Communication Hall, stating, "The government's response is lukewarm and misguided," and pointed out that "even high credit rating holders have to wait several days, and low credit rating self-employed individuals are not even eligible to apply," highlighting the absence of policies for small business owners. He demanded that the president invoke emergency fiscal powers to inject funds for management capital for small and medium-sized self-employed businesses in crisis, and direct and continuous support for freelancers and part-time workers whose incomes have decreased. Shin emphasized, "Currently, this is a serious fiscal and economic crisis caused by a natural disaster, requiring emergency measures, and there is no time to wait for a parliamentary session."
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