"Democratic Party: Debt Ratio Will Increase Much More if They Stay in Power for 5 More Years"
[Asia Economy Reporter Heo Midam] Former People Power Party lawmaker Yoo Seung-min sharply criticized on the 15th, saying, "The Moon Jae-in administration will be recorded in history as the regime that worsened the national finances to the worst state."
In a post on his Facebook on the same day, former lawmaker Yoo said, "If the Democratic Party of Korea remains in power for another five years, the debt ratio in 2026 will undoubtedly be much higher than 70%."
He added, "The IMF (International Monetary Fund) has warned of the risk of a debt explosion in our country. The general government debt-to-GDP ratio, which is 53.2% this year, is expected to soar to 70% by 2026," and said, "The IMF's warning is nothing new."
He continued, "There have been numerous warnings about the rapid increase in national debt and the already beginning fiscal crisis, but the Moon Jae-in government has repeatedly said, 'Our national finances are sound,'" and criticized, "They claimed that since the national debt ratio is lower than the OECD average, it is acceptable to borrow more and spend extravagantly."
Former lawmaker Yoo pointed out, "Gyeonggi Province Governor Lee Jae-myung and Democratic Party lawmakers have said the same thing," and remarked, "Since South Korea is not a country with a key currency, if national finances fall into danger, it loses its 'last stronghold.'"
He then emphasized, "We must not forget the bitter experience 24 years ago when our country fell into insolvency, received bailout funds from the IMF, companies and banks went bankrupt, countless unemployed people emerged, and the livelihood and economy fell into ruin," and stressed, "Fiscal reform and welfare reform must be implemented so that the government spends money only where it is truly necessary."
He raised his voice, saying, "Although the IMF also recommended it, we must revitalize the economy through labor reform and regulatory reform, not by short-term stimulus measures or populist policies that only pump money."
Additionally, former lawmaker Yoo said, "For the 2030 generation, who cannot even dream of owning a home despite 'Yeongkkeul' (pulling together all their resources), they will only inherit a mountain of debt," and sharply criticized, "If we do not prepare for the clearly visible future risks and only focus on buying votes by spending money regardless of how much the debt of future generations increases, then that is not even a country."
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