[Desk Column] To Find Our Lost Time

Jo Young-joo, Head of the 4th Industrial Department

"Shouldn't the past two years from last year to this year be subtracted from my age?"

This was a remark made jokingly by a coworker I recently had a meal with. He expressed, "I feel so frustrated as if I spent the last two years doing nothing." While commuting between work and home, he found it difficult to even meet colleagues from the same department, let alone attend company dinners, and he couldn't take a proper trip even once. He said that if his age could remain as it was two years ago, it would be some consolation to compensate for the lost two years. It didn't sound like just a joke. After all, we all want some form of compensation, at least in our hearts.

There is a term called 'revenge spending.' It is an economic term referring to the phenomenon where consumption, which had been suppressed due to diseases like COVID-19 or various disasters, suddenly explodes. Revenge spending is noticeable everywhere. Not only do luxury brand stores have long lines from early morning, but popular items sell out instantly. Those dreaming of overseas travel pay high prices just to board a plane and eat in-flight meals, even if they cannot set foot abroad. As people spend more time at home, many are changing their interior decor and purchasing high-end furniture.

Everyone probably feels as if life has come to a halt due to COVID-19. Whether indoors or outdoors, masks must be worn, and interactions with others have virtually ceased. Office workers have become accustomed to remote work, and countless self-employed individuals have closed their businesses. Students attend classes online without ever meeting professors or friends in person. Since the first confirmed COVID-19 case in Korea on January 20 last year, this situation has persisted for one year and five months. Even if the government achieves its goal of 'herd immunity by November,' people will have spent nearly two years alongside masks and hand sanitizers.

The damage and sense of loss among self-employed individuals are particularly severe. Myeongdong, which was once bustling before the COVID-19 pandemic, is now not just empty but eerily silent. During a recent visit to Myeongdong, even prime storefronts had closed here and there. Stores with 'For Rent' signs on their windows were easily noticeable. According to data submitted by the Ministry of SMEs and Startups to Yang Geum-hee, a member of the People Power Party, last year's store demolition support cases totaled 11,535, a 151% increase compared to 4,583 cases the previous year. Considering the accumulated damage to self-employed individuals this year, the situation is likely to have worsened.

The accelerating pace of vaccinations offers some hope. As of the 17th, over 14 million people have received their first COVID-19 vaccine dose. The vaccination rate has risen to 27.3%. With the full-scale rollout of vaccinations to the general public, voices are emerging that a return to normal life is not far off. Starting next month, those who have received their first dose will be allowed to remove masks outdoors. The circumstances of self-employed individuals who have struggled so far may gradually improve. However, many still have closed their businesses or barely maintain their stores, unable to escape hardship. We must help them return to daily life. Now, rather than simply providing subsidies, policy directions should be adjusted to support reemployment or new business startups. We must encourage them to stand on their own. The day they regain hope will be the day we can declare the end of COVID-19.