[The Editors' Verdict] 'COVID-19 Relief Funds' Cannot Fool the Public

Within just two months of the start of 2021, the national debt increased by 10 trillion won. On the 2nd, the government finalized the 4th round of disaster relief funds amounting to 19.5 trillion won. Of this, 15 trillion won will be prepared through a supplementary budget, and the remaining 4.5 trillion won will be utilized from the existing budget. Among the 15 trillion won supplementary budget, 9.9 trillion won will be raised by issuing government bonds. In other words, this means that the national debt will increase by 10 trillion won to fund this 4th round of disaster relief. As a result, by the end of this year, the national debt will rise to 965.9 trillion won. The debt-to-GDP ratio will increase to 48.2%, approaching the 50% threshold.

Following the three rounds of disaster relief payments last year under the name of COVID-19 response, the government started distributing money again as soon as the new year began. Will this be the last time this year? It is more likely not. Last month, President Moon Jae-in said, "When the situation allows us to move beyond COVID-19, we can consider providing consolation payments and morale-boosting support funds to the people." In political circles, talks of 5th and 6th rounds of support funds are emerging. If this materializes, there are concerns that the national debt could reach 1,000 trillion won.

Because the national debt has increased so rapidly, it seems both the government and political circles have become numb to it. However, all this money must eventually be repaid by us and future generations. The political circles are now gradually igniting discussions on tax increases. The government's cash handouts are a kind of distraction for the public. It is merely a tactic to quell public dissatisfaction over the failure of COVID-19 policies. Coincidentally, this comes at a time just before elections, leading to criticisms that it is a 'vote-buying act.'

When the COVID-19 pandemic began in February last year, most assumed a 'worst-case scenario' lasting one year. Now, one year later, we face a reality not much different from last year. Although Korea was the 102nd country in the world to start vaccinations, herd immunity is expected only by the end of this year.

This domestic situation is hard to understand when compared to overseas cases. Israel and the United Kingdom, which started vaccinations earlier than Korea, are preparing to return to normal life. The United States vaccinated 50 million people within about a month after President Joe Biden took office. There are predictions that the U.S. economy will recover to normal in the second half of this year.

Having been complacent with the so-called 'K-quarantine' and neglecting vaccine procurement, Korea now can only look at other countries with envy. Every time the public hears news of vaccine rollouts abroad, they feel despair and anger. The public endured and gave the government time for a year, but the government wasted that precious time. Now, however, public patience has run out. Judging by the crowds that poured into the streets last weekend with the warmer weather, the policy officials' plea to "please endure a little longer" no longer seems effective.

Looking back, even a small portion of the tens of trillions of won the government has distributed so far could have been used to secure vaccines early. But over the past year, all the government has done is hand out money under the name of 'consolation payments' or 'support funds' whenever public dissatisfaction grew. When government officials opposed this, they were suppressed with remarks like, "Is this country the Ministry of Economy and Finance's country?" Political circles are still only thinking about spending money. They treat money taken from the public's pockets as if it were theirs to spend at will. Government budgets are not the petty cash of politicians, nor is this country the politicians' personal domain.