Lee Jae-myung "Economic Policy is About Timing... Temporary Suspension of Short Selling and Fuel Tax Needed"

"High Inflation, High Exchange Rates, and High Interest Rates Hit Livelihoods... Policy Measures Must Be Implemented Quickly"
Repeated Calls for a 'National Emergency Economic Countermeasures Committee' to the Yoon Seok-yeol Government

[Image source=Yonhap News]

[Asia Economy Reporter Lee Myunghwan] Lee Jae-myung, a member of the Democratic Party of Korea, demanded active government response on the 25th, saying, "If you miss the timing, what could be stopped with a hoe cannot be stopped even with a plow. Economic policy is all about timing." He also requested temporary bans on short selling and suspension of fuel tax.

On the same day, Lee wrote on his social media (SNS), "Due to the three highs (high inflation, high exchange rates, and high interest rates), people's livelihoods are severely damaged. Even opening wallets to buy daily necessities is frightening, and the debt in bank accounts is snowballing."

He continued, "The economy is psychology. If we do nothing saying there is no countermeasure, the situation worsens due to anxiety." He emphasized, "We must not let go and miss the golden time. We need to at least express our will, gather wisdom and countermeasures, and implement all possible policy measures as quickly as possible." He added, "I request the government to start with whatever small actions can be taken."

Specifically, he said, "Let's open breathing space for individual investors by temporarily banning short selling and start by putting out urgent fires through temporary suspension of fuel tax." He added, "I will take the lead in resolving issues that need to be addressed in the National Assembly." He further emphasized, "There is no side or camp in solving livelihood and economic problems. Although we cannot change the flow of the global complex crisis, there are definitely ways to reduce the hardships of people's livelihoods."

Lee also said, "I have proposed a National Emergency Economic Countermeasures Committee where the ruling party, opposition, and government unite," and "I again request the government’s prompt review."