Ruling and opposition parties are practically in presidential election mode... Promoting economic policies for Seol holiday

Ultimately, Livelihood and Economy Take Center Stage, Policy Competition Intensifies
"Moderate Voters Will Watch Economic Policies Closely"

As the Lunar New Year approaches, a time to gauge public sentiment, both ruling and opposition parties are focusing on promoting livelihood policies. With the possibility of an early presidential election increasing due to the impeachment trial of President Yoon Suk-yeol, it is analyzed that the country has effectively entered election mode.

According to political circles on the 24th, regardless of the power struggle surrounding political issues such as President Yoon's impeachment crisis, both parties are accelerating efforts to address livelihood concerns.

The People Power Party held the first plenary meeting of the Economic Vitality and Livelihood Special Committee (Livelihood Special Committee) on the 22nd, kicking off preparations for livelihood measures. It is reported that they are preparing support measures for single-person households and isolated reclusive youth, aiming to announce them after the Lunar New Year holiday. The plan is to solve youth issues, who are the main agents of economic activity, to increase the overall productivity of society. Along with this, policies for small business owners and the elderly will also be developed to expand the scope.

People Power Party's Emergency Response Committee Chairman Kwon Young-se and Floor Leader Kwon Seong-dong are greeting returning home travelers at Seoul Station on the 24th. Photo by Jo Yong-jun

On the other hand, they emphasized differentiation from the opposition party. Instead of populist policies that distribute cash to all citizens, they aim to stabilize livelihoods through policies closely related to everyday life.

Kwon Young-se, the Emergency Committee Chairman of the People Power Party, stated, "The opposition party only talks about livelihood, delivering momentary sweetness but future pain," and emphasized, "The People Power Party is different from this and must be different." Kwon Seong-dong, the floor leader of the People Power Party, also urged, "We need to create an image that our policies are better compared to the Democratic Party," and "I hope we create new policies with new ideas."

The Democratic Party, led by Representative Lee Jae-myung, has also started focusing on livelihood issues. At the New Year's press conference on the 23rd, instead of the flagship 'Basic Series' policy, they put 'private sector-led growth centered on enterprises' at the forefront. Representative Lee said, "Ideology and factions do not put food on the table," and "Pragmatism beyond ideology and factions is the driving force for overcoming crises and achieving growth and development." This is interpreted as a message to distance themselves from political strife and focus on livelihood and economic issues.

Lee Jae-myung, the party leader, and Park Chan-dae, the floor leader, along with other members of the Democratic Party of Korea, visited the Express Bus Terminal in Seocho-gu, Seoul, on the 24th to greet citizens for the Lunar New Year holiday. Photo by Kim Hyun-min

The Democratic Party strengthened its livelihood efforts by proposing the Local Currency Act, a trademark policy of Representative Lee. Park Jeong-hyun, a Democratic Party lawmaker who took the lead in proposing the bill, explained, "Injecting local currency into local commercial districts will increase disposable income and serve as a catalyst for economic recovery." They have also started preparing external economic policies. The Economic Security Special Committee, launched on the 22nd, plans to establish issue-specific and industry-specific response measures aligned with the policies of the Trump administration in the United States.

These movements by both ruling and opposition parties are interpreted as entering an early presidential election phase. Given the possibility of a cherry blossom election as early as spring depending on the impeachment trial of President Yoon, preparations for pledges have begun in advance. To win the election, capturing the hearts of the moderate voters is essential, and above all, preparing livelihood measures is urgent.

Choi Jin, director of the Presidential Leadership Research Institute, forecasted, "During this Lunar New Year holiday, economic issues may not be as prominently discussed as political issues, but the moderate voters who decide the trend will be watching economic policies closely."