Differences Between Ruling and Opposition Parties Over 250,000 Won Support Fund: "Symbolic Measure" VS "Concerns Over Inflation"

First Working-Level Meeting of the Summit
Differences in Views Over Livelihood Recovery Support Funds

Ahead of the summit meeting between President Yoon Suk-yeol and Lee Jae-myung, leader of the Democratic Party of Korea, there are difficulties in coordinating the agenda. While the opposition party viewed the 'Livelihood Recovery Support Fund' (250,000 KRW per person nationwide) proposed by Lee as a symbolic measure for the summit, the ruling party drew a line, saying it does not meet the requirements for a supplementary budget.

President Yoon Suk-yeol personally introduced Hong Cheol-ho, the new Senior Secretary for Political Affairs of the Presidential Office, at the Yongsan Presidential Office building in Seoul on the 22nd. Photo by Yonhap News

On the 24th, Jin Sung-jun, the policy chief of the Democratic Party of Korea, appeared on SBS Radio's 'Kim Tae-hyun's Political Show' and emphasized regarding the agenda coordination for the summit, "Since the meeting is right after the general election, symbolic measures reflecting the two public opinions shown in the election?livelihood recovery and a shift in government policy direction?should be taken." He argued that the Livelihood Recovery Support Fund proposed by Lee Jae-myung should be a main agenda item, and if this policy is derived as a result of the summit, it could serve as a symbolic measure.

He explained, "The goal of the Livelihood Recovery Support Fund is not only to help those economically struggling but also to revive the livelihood economy, which is on the brink of collapse, by circulating money in local small businesses." He added, "Therefore, instead of providing cash directly, consumption coupons with an expiration date will be issued to encourage spending within the designated areas during a certain period, aiming to boost the livelihood economy."

Lee Jae-myung, leader of the Democratic Party of Korea, is attending the continuation of the first trial related to charges of breach of trust and bribery involving Daejang-dong, Seongnam FC, and Baekhyeon-dong at the Seoul Central District Court in Seocho-gu on the morning of the 23rd. Photo by Yonhap News Agency

Lee Sang-min, a member of the People Power Party, said that a summit meeting without agenda restrictions could serve as a catalyst to ease the deadlocked political situation but criticized the top-down approach to problem-solving as inappropriate. On the same day, on BBS Radio's 'Jeon Young-shin's Morning Journal,' Lee said, "It will play a role in improving the currently tangled political culture environment in Korean politics," but pointed out, "However, deciding all matters at the negotiation table between President Yoon Suk-yeol and Lee Jae-myung is wrong."

He added, "The government has its own logic, and the National Assembly has its own logic, and within the National Assembly, there are positions and logics between the ruling and opposition parties," emphasizing, "These should check and balance each other."

Lee also expressed a negative stance on the Livelihood Recovery Support Fund. He said, "Saying that 250,000 KRW should be given to all citizens is irresponsible and absurd from the perspective of those responsible for state affairs," and pointed out, "When revising the main budget under the State Disaster Act, conditions such as national disasters, wars, or major economic crises must be met."

He further criticized, saying, "Aren't ordinary people suffering because of high inflation?" and questioned, "What about the inflationary pressure caused by a sudden release of 13 trillion KRW in cash, which would cause a surge in the money supply?"