Park Hong-geun "Will Definitely Block Corporate Tax Cuts... Real Estate Countermeasures Need Reconsideration" (Comprehensive)

Budget Review Ensures Significant Increase in Support Budget for Working and Middle Classes
Active Promotion of Equality Act Legislation and Social Public Discourse
Privatization of Presidential Power Must Be Held Accountable

Park Hong-geun, floor leader of the Democratic Party of Korea, is delivering a negotiation group representative speech at the plenary session held at the National Assembly on the 20th. Photo by Yoon Dong-joo doso7@

[Asia Economy reporters Naju-seok and Park Jun-i] Park Hong-geun, floor leader of the Democratic Party of Korea, urged a change in the Yoon Seok-yeol administration's governance policy on the 20th, saying, "In times of crisis like now, the state must devote all its efforts to taking care of the struggling common people and their livelihoods."

During a negotiation group speech held at the National Assembly that day, Floor Leader Park said, "If high inflation and high interest rates cannot be resolved in the short term, the highest priority of policies should be placed on state support so that the struggling people can endure," adding, "This is a time when the role of fiscal policy is desperately needed."

Regarding the government's policy direction such as corporate tax cuts, he criticized, "If tax revenue decreases due to tax cuts, with what money will the state support the common people?" and "Are they going to take care of conglomerates and the wealthy while ignoring the pain of struggling small and medium-sized enterprises, self-employed people, and commoners?" He stated, "This year, the Democratic Party will boldly cut unnecessary budgets during budget review and firmly increase budgets to support commoners and the middle class suffering from high inflation and high interest rates," and added, "We will definitely prevent the reduction of national finances caused by corporate tax cuts that concentrate benefits on a few conglomerates."

Regarding real estate, Floor Leader Park said, "The real estate market, which was worried about soaring prices until last year, has also turned to a downward trend, and by next year, the possibility of worrying about a crash is high," and demanded, "Both the government and the ruling and opposition parties must fundamentally review the policies introduced during the period of soaring real estate prices." In this regard, he said, "It is time to prepare measures for a real estate crash and the risks of real estate PF and mortgage loan insolvency."

Regarding measures for self-employed people related to COVID-19, he said, "The Democratic Party will ensure that the extension of loan maturities and the suspension of principal and interest repayments are definitely implemented in September this year," and added, "We will expand funds for financial support for commoners through government finances and cooperation with financial institutions and prepare new debt adjustment programs within the regular National Assembly session."

He also expressed his determination to enact the Equality Act. He said, "Denying the dignity of other groups or minorities due to unjustifiable hatred damages the constitutional values of 'human dignity and worth, and freedom of expression,'" and added, "The Democratic Party will actively engage in social public discussions to prevent various forms of hatred and discrimination, including the Equality Act, during this regular National Assembly session."

Regarding pension reform, he argued, "From now on, we must fundamentally reform the welfare system into a structure of appropriate burden and appropriate benefits," and said, "Pension reform should not only focus on the National Pension but also include the Basic Pension, the National Basic Livelihood Security Act, and go along with the overall restructuring of the old-age income security system."

Regarding the drop in approval ratings of the Yoon Seok-yeol administration to the low 30% range, Floor Leader Park warned, "During the Park Geun-hye administration, the state affairs manipulation by Choi Soon-sil, a private unofficial power who disabled the Blue House's public system, led to the unprecedented impeachment of a president in constitutional history," and said, "The privatization of presidential power revealed through private recruitment and unfair appointments of close aides will definitely come at a cost."

He pointed out, "The cabinet appointments, comparable to a personnel disaster, saw four people consecutively fall due to poor prior verification," and criticized, "The more serious problem is President Yoon Seok-yeol's attitude toward the personnel chaos." Floor Leader Park said, "Even candidates Jeong Ho-young and Kim Seung-hee, whose disqualifications were clear, were used as a pretext to force appointments by dragging out time, resulting in the Ministry of Health and Welfare being vacant during the phase of COVID-19 resurgence."

Regarding President Yoon's door-stopping (door-staffing), he said, "It is no longer a place for communication but a place to worry about the president's verbal slips."

In particular, Floor Leader Park expressed concerns about favoritism toward the prosecution and close aides. He said, "Major positions in the prosecution have all gone to special prosecutors who have ties with the president," and added, "There are even criticisms within the prosecution, the president's home base, that the 'taking care of one's own people' style of prosecution appointments is excessive." Regarding key positions in the presidential office, he said, "Key positions in the presidential office have also been filled with prosecution-affiliated close aides," and added, "Criticism has been raised that the Yoon Seok-yeol administration's presidential office is dominated by so-called prosecution-affiliated 'Mungori Yuksangsi,' compared to the 'Mungori Trio' of the Park Geun-hye administration's Blue House."

Regarding First Lady Kim Geon-hee, Floor Leader Park said, "President Yoon Seok-yeol must listen to the controversies and public concerns related to Mrs. Kim," and warned, "Is it acceptable that the president's wife, who said she would quietly support behind the scenes, is now being called a real power that even the president cannot control?"

Regarding the West Sea public official incident and the deportation of North Korean defectors, he said, "Political revenge investigations and outdated anti-communist labeling will never succeed in turning the tide," and added, "Rather, it will face greater national criticism and resistance at a level that has lost momentum in state affairs management."

Floor Leader Park said, "Now is an extraordinary economic situation where the majority of the people are anxious and their lives are pushed to the brink," and urged, "Return to the basics of governance and focus above all on the economy and people's livelihoods."