Opposition's Sharp Criticism of Yoon's '250,000 Won Per Person' Plan: "Support Should Be Tailored to Where It's Needed"

"Prices Will Rise and External Credibility Will Fall"

President Yoon Suk-yeol is speaking at the 'Second Half Economic Policy Direction and Dynamic Economy Roadmap Announcement' event held at the Blue House State Guest House in Jongno-gu, Seoul, on the 3rd. [Image source=Yonhap News]

President Yoon Suk-yeol sharply criticized cash support policies such as the opposition party's proposal to provide 250,000 won per person to all citizens, saying, "Why only 250,000 won per person? Wouldn't it be okay to give about 1 billion or 10 billion won?"

President Yoon made these remarks during his closing statement at the "Second Half Economic Policy Direction and Dynamic Economy Roadmap Announcement" meeting held at the Blue House State Guest House on the 3rd, adding, "Wouldn't the outcome be obvious if that happens?"

Regarding the 250,000 won payment per citizen, President Yoon pointed out, "Not only would prices rise unimaginably, but the country's external credibility would completely collapse, making it impossible for the government or companies to operate abroad," emphasizing, "We should not just hand out money but provide tailored support to places where it is truly needed in a rational manner."

He also reiterated, "Instead of populist cash handouts, we will provide sufficient tailored support to small business owners who are in desperate need and pursue structural measures." On the argument for fiscal financing through government bond issuance, he criticized, "Some recklessly say that there is no problem as long as the balance sheet's debit and credit sides match."

This is interpreted as a critique of the recent submission of a related bill to the National Assembly's Administrative and Security Committee plenary session by the Democratic Party of Korea to provide livelihood recovery support funds. The 'Livelihood Recovery Support Fund Act,' led by former Democratic Party leader Lee Jae-myung, includes provisions to distribute regional love gift certificates worth 250,000 to 350,000 won per person based on income levels to all citizens.

President Yoon also fiercely criticized indiscriminate cash support and populism as "ruining the country's future" during the Cabinet meeting held on April 16, shortly after the April 10 general election. The presidential office explained, "President Yoon emphasized that structural and permanent measures must be pursued together, rather than temporary fixes like cash handouts," adding, "Sustainable growth of the national economy is an essential prerequisite for fundamental improvement of people's livelihoods."