Opposition: "Yoon's Policy Speech Shows Ignorance, Incompetence, No Plans... Mentions 'Austerity' That Made UK PM Resign in 44 Days"

Opposition: "Is the wealthy tax cut budget welfare for the weak? Truly heartless... 10 trillion won cut from livelihood budget"

[Image source=Yonhap News]

[Asia Economy Reporters Koo Chae-eun and Park Joon-yi] Kim Seong-hwan, the Policy Committee Chair of the Democratic Party of Korea, criticized President Yoon Seok-yeol's 2023 budget address on the 25th, saying, "From the public's perspective, it seems really insincere."

He pointed out, "The core of (President Yoon's budget address) feels like fiscal austerity and welfare for the vulnerable, but fiscal austerity is reminiscent of the recent case where UK Prime Minister Liz Truss attempted fiscal austerity through so-called ultra-rich tax cuts and resigned after just 44 days."

At a press briefing held at the National Assembly that afternoon, Representative Kim said, "The general public's evaluation of the Yoon Seok-yeol administration is often associated with ignorance, incompetence, and lack of measures, and I think the budget address was at a similar level."

He explained, "Although the budget was ultimately prepared based on tax cuts for the wealthy, it is regrettable that the Yoon administration packaged some increased projects under the name of welfare for the vulnerable as if they represented the entire budget. Rough estimates show that the budget for livelihood support was cut by about 10 trillion won."

He pointed out, "For example, just considering the budgets for senior citizen jobs, youth jobs, local currency, and rental housing, about 10 trillion won of livelihood-related budgets were cut. Seeing this minimal allocation being called welfare for the vulnerable left me with a feeling of harshness that I still cannot shake off."

Representative Kim emphasized, "In this extremely urgent situation of global climate crisis, inequality, and domestic high inflation, high interest rates, high exchange rates, and security crises, the budget address for next year was too insufficient and insincere to raise public expectations or goals about overcoming these crises, which is very regrettable."

He continued, "On the other hand, the presidential office budget alone is about 87.8 billion won, and additional budgets allocated to power institutions such as the Ministry of Justice's prosecution bureau, the National Intelligence Service, and the National Police Agency exceed 330 billion won," criticizing, "There is no livelihood or future, only strengthening of power institutions."

Representative Kim stressed that while securing livelihood budgets cut by the government, such as those for senior and youth jobs, local currency, and disability support, individual lawmakers' pet project budgets will be completely excluded. He said, "I will do my best to secure the necessary budgets related to livelihood and will not negotiate over lawmakers' individual earmarked budgets or unnecessary and non-urgent budgets."