Democratic Party's Study Group of 84 Members 'Economy is Democratic Party' Launched... "Freedom and Democracy Cannot Coexist"

Summer Economic Camp Held Every Tuesday in August
Kim Tae-nyeon "Democratic Party as a Competent Economic Party"
Hong Seong-guk "Inflation Won't Rise Even with 13 Trillion Won Injection"

The Democratic Party of Korea has launched a group of lawmakers studying the economy called 'Economy is the Democratic Party.' This move comes as the risk of a recession originating from the U.S. spreads, signaling an active response to economic issues. Former lawmaker Hong Seong-guk, who gave the lecture, explained the overall situation of the Korean economy. Regarding the recently pushed '250,000 won support fund law' by the Democratic Party, he claimed that "prices will not rise."

'Economy is the Democratic Party' announced its launch with its first lecture held on the morning of the 6th at the National Assembly Members' Office Building. There are 84 Democratic Party lawmakers as members, and about 50 attended the first lecture. Led by Representative Kim Tae-nyeon (5-term, Seongnam-si Sujeong-gu, Gyeonggi), who serves as the head, Representative Yoo Dong-soo (3-term, Gyeyang-gu Gap, Incheon) is the operations committee chair, and Representative Kim Han-gyu (2-term, Jeju-si Eul, Jeju) serves as the secretary. They revealed plans to hold regular seminars and conduct field visits with the goal of becoming a 'competent economic party.'

Park Chan-dae, Acting Leader and Floor Leader of the Democratic Party of Korea, is giving a greeting speech at the launch and special lecture of "Economy is Democratic Party" held at the National Assembly Members' Office Building on the morning of the 6th.
[Image source=Yonhap News]

In his congratulatory remarks, Acting Leader and Floor Leader Park Chan-dae said, "The reckless actions of the Yoon Seok-yeol administration are disappointing the public in all aspects including livelihood, economy, diplomacy, and security," adding, "At times like this, the Democratic Party must take on the role of a ruling party." Candidate for party leader Lee Jae-myung stated in writing, "I support this new beginning and will work with 'Economy is the Democratic Party' to revive the economy and build a competent ruling party responsible for the people's lives."

The first lecture was delivered by former lawmaker Hong Seong-guk. After giving a lecture on 'The Historical Position of the Korean Economy,' he plans to lead the production of materials on topics such as 'domestic demand stagnation' and 'real estate market.' Hong emphasized that polarization and inequality are problems. He said, "Freedom and democracy are incompatible," and "If you talk about neoliberalism, democracy cannot be achieved." He continued, "Politically, populism and social conflict arise, and capitalism and democracy face crises simultaneously," adding, "The Democratic Party's economic philosophy must encompass both innovative growth and inclusive growth." Furthermore, referencing American economist Samuelson's 'happiness equation,' he said, "We must reduce desire and greed and increase achievement to become happier."

He also addressed criticism of the recently passed '250,000 won support fund law' led by the Democratic Party in the National Assembly. He argued, "People's Power Floor Leader Choo Kyung-ho said that distributing 13 trillion won in cash would destabilize prices and interest rates and worsen the public's hardship, but our country's GDP is 2,400 trillion won," adding, "Distributing 13 trillion won will not cause prices to rise."

Former lawmaker Hong Seong-guk (CEO of Hyean Research) is giving a special lecture titled "The Economy is the Democratic Party" at the National Assembly Members' Office Building on the morning of the 6th. / Photo by Oh Ji-eun joy@

The next lecture of 'Economy is the Democratic Party' will be held on Tuesday, the 13th. During August, a 'Summer Economic Camp' will be held every Tuesday. From September, seminars will be held biweekly to study topics proposed by members related to current issues.