Yoon Jae-ok "250,000 Won Livelihood Support Fund Will Extend Inflation Pain"

"Focus on Urgent Issues Such as Price Stabilization Measures"

Yoon Jae-ok, floor leader of the People Power Party and acting party leader, pointed out that the livelihood recovery support fund proposed by Lee Jae-myung, leader of the Democratic Party of Korea, would exacerbate high inflation.

Yoon Jae-ok, Acting Party Leader of the People Power Party, is speaking at the floor strategy meeting held at the National Assembly on the 23rd. Photo by Kim Hyun-min kimhyun81@

On the morning of the 23rd, at a floor strategy meeting held at the National Assembly in Yeouido, Seoul, Acting Leader Yoon said, "We welcome the summit meeting between the President and the Democratic Party leader, but we collectively express concerns about the 250,000 won support fund for all citizens proposed by the Democratic Party," adding, "Most economic experts agree that recklessly loosening fiscal policy will delay our economy's escape from inflation and prolong the public's burden of rising prices."

He continued, "The People Power Party believes that the public wants consensus on more productive agendas," emphasizing, "Focusing on urgent and tangible issues such as support for small business owners and self-employed individuals, and measures to stabilize grocery prices will give greater meaning to the first summit meeting."

It is expected that Lee Jae-myung will present the 250,000 won per person livelihood recovery support fund as a key agenda item during the summit with President Yoon. On the 19th, during a 'Meeting with Party Members' broadcasted on YouTube, Lee said about the support fund, "(President Yoon) suggested meeting to discuss it," adding, "We can talk about it then." The Democratic Party has requested a supplementary budget from the government and ruling party to provide the support fund.

Acting Leader Yoon criticized the opposition's move to reintroduce bills vetoed by President Yoon as being out of touch with public common sense and expectations. He said, "I hope you consider whether it is in line with the public's common sense and expectations to immediately push forward with bills that the President vetoed and that have already been re-voted on, just because you won the election," adding, "Most of these bills are political rather than related to livelihoods, and when the National Assembly restarts, it is the duty to focus on livelihood bills for the people."

Furthermore, he said, "If there are bills essential for livelihoods, there is a precedent of holding a May extraordinary session where the ruling and opposition parties agree and handle them," but added, "Unless it is to process livelihood bills that both parties can agree on, there should be no need to open the May session and cause public displeasure until the end of the 21st National Assembly."

Acting Leader Yoon also announced that he will recommend a new emergency committee chairman before the election of a new floor leader. He said, "I will openly discuss opinions with senior lawmakers and there is a promised timeline," adding, "I will recommend the emergency committee chairman before the floor leader election on the 3rd of next month. While keeping to that schedule, I will gather many opinions."