"Cash Handouts as a Trick Targeting April Elections"
We Will Carefully Examine from the Public's Perspective
Choo Kyung-ho, Whip of the People Power Party in the Special Committee on Budget and Accounts. / Photo by Yoon Dong-joo doso7@
[Asia Economy Reporter Lee Hyun-joo] Regarding the supplementary budget (worth 19.5 trillion won) for the payment of the 4th disaster relief fund, the People Power Party announced on the 5th that they would minimize the issuance of deficit bonds and clearly assess the affected sectors and scale of damage, calling it a "vote-buying trick for the April by-elections."
On the same day, Choo Kyung-ho, the opposition party whip of the National Assembly's Budget and Accounts Special Committee and a member of the People Power Party, held a press conference and said, "The Moon Jae-in administration is creating an unprecedented shameful record in fiscal history by preparing supplementary budgets roughly every two months," adding, "The burden is directly passed on to future generations while shamelessly submitting a supplementary budget that presents a tax increase bill to the people."
This supplementary budget is expected to be executed by issuing 10 trillion won in deficit bonds without restructuring the main budget. If this continues, the annual issuance of deficit bonds will reach a record high of 104 trillion won this year, increasing the national debt to 966 trillion won. Based on the international standard of national debt, it is expected to reach approximately 1,060 trillion won.
The People Power Party particularly views this supplementary budget as a cash handout trick aimed at the April election. Representative Choo said, "The actual damage caused by COVID-19 has not been properly assessed, and the support principles and criteria are vaguely organized in a slapdash and poor supplementary budget," adding, "The government is currently unable to even grasp or analyze the appropriate level of support." He also said, "While the 31 trillion won budget related to jobs included in the main budget has not yet been properly executed, they have again inserted a budget for short-term part-time job projects, making this a chronic tax addiction supplementary budget."
Representative Choo stated, "We will carefully review the detailed projects of the supplementary budget and demand cuts in unnecessary projects, including jobs," and added, "Along with additional support for COVID-19 affected sectors, we will actively identify and support blind spots to minimize the issuance of deficit bonds."
After the briefing, Representative Choo told reporters, "The government and ruling party announced through the media that they aim to process it by the 18th. This is the timetable of the Democratic Party and the ruling party," adding, "The National Assembly is not a subcontractor of the Blue House or the government." He continued, "From the people's perspective, we will thoroughly take our time to review and strictly judge so that not a single won is wasted."
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