Lee Jae-myung: "The craze for stocks and Bitcoin among youth is only natural... They have no other choice"

"Economic Prosperity Should Be Shared... One Means Is Regional Currency-Type Basic Income"

Governor Lee Jae-myung of Gyeonggi Province. [Image source=Yonhap News]

[Asia Economy Reporter Heo Midam] Lee Jae-myung, Governor of Gyeonggi Province, pointed out on the 24th that "the stock craze among young people is a desperate cry of 'the most unequal recession in history.'"

In a post on his Facebook that day, Governor Lee said, "It is quite natural that our young people have recently turned their attention to stocks and Bitcoin. It is difficult to support themselves, let alone their families, despite working hard, and the job market has rapidly narrowed, leaving no choice."

He added, "Young people have chosen to 'jonbeo' (endure). Without 'eomppa chance' (solving problems through mom and dad), they continued their challenges while working part-time jobs for several hours a day. Now even that has become difficult," and said, "Recently, I heard that you have to overcome a 20 to 1 competition rate just to get a part-time job at a cafe."

He continued, "Even if you lower your so-called 'expectations,' the situation does not change. This is because the tsunami of COVID-19 has swallowed the entire employment market."

Governor Lee also said, "The youth issue does not end as just a youth issue. The gap that occurs during youth is difficult to recover from even in your 40s and 50s," and added, "If young people lose hope, middle-aged people lose composure, and the elderly become impoverished."

He then reiterated his call for a 'local currency-type' basic income, saying, "Low growth is the main cause of all social problems such as youth unemployment and low birth rates, and the key to solving these problems is for the economy to escape stagnation and achieve sustainable growth."

Governor Lee said, "Everyone should share some degree of economic prosperity, and through expanding consumption and demand, we must pursue the path of sustainable growth. One of the most useful means to achieve this is precisely the local currency-type basic income."

Finally, he emphasized, "I always talk about economic basic rights such as basic income, basic finance (loans), and basic housing. Sometimes I shout 'everything leads to the economy' to an excessive degree," and added, "Because there is no time. Unprecedented recessions and inequalities require unprecedented solutions. We no longer have time to be bound by past systems, customs, or ideologies."