Lee Jae-myung: "Yoon Government Wastes National Power on Irrelevant Matters"... Repeatedly Demands Supplementary Budget

"Ruling Party Should Watch Public Opinion, Not President... Propose Supplementary Budget to Yoon"
"Fiscal Deficit and Household Debt to Rise Due to Ultra-Rich Tax Cuts"

Lee Jae-myung, leader of the Democratic Party of Korea, urged the government and ruling party once again to prepare a supplementary budget, saying, "Considering the people who are struggling to make a living, it is only natural to support livelihoods through a supplementary budget."

[Image source=Yonhap News]

On the morning of the 11th, at the Supreme Council meeting held at the National Assembly, Lee said, "The Yoon Seok-yeol government is pouring national power into irrelevant matters disconnected from the lives of the people."

He emphasized the capacity to prepare a supplementary budget by stating, "As of last year, South Korea's national debt ratio compared to its gross domestic product (GDP) is 54.3%, while the average among advanced countries reaches 112.5%. South Korea's national bond ratio is remarkably low." He continued, "On the other hand, the household debt ratio compared to GDP is 73.3% on average in advanced countries, but 105.5% in South Korea," explaining, "This means the people are bearing about 600 trillion won more than the global average."

He criticized, "The national debt ratio and household debt ratio have an inverse relationship," adding, "Ultimately, whether the state or households take on debt, South Korea’s policy has been to have individuals and households bear the debt."

He further stated, "Despite this, the Yoon Seok-yeol government is reducing support for households and singing the song of fiscal soundness, insisting that the budget for supporting ordinary citizens cannot be increased but must be cut," and argued, "With tax cuts for the ultra-rich reducing national finances, that burden is shifted onto households, which will ultimately increase household debt again."

Lee Jae-myung also delivered a sharp warning to the ruling party. He said, "If the People Power Party is the ruling party, they should heed the people's concerns rather than the president," and urged, "Ruling party lawmakers surely know that a supplementary budget is inevitable. They should propose and persuade the president even now."