Lee Jaemyung Proposes 30 Trillion Won Supplementary Budget for Livelihoods and Economic Recovery

Plenary Speech at the National Assembly
"Establishment of a Committee for Recovery and Growth for a Basic Society"

Lee Jaemyung, leader of the Democratic Party of Korea, announced on February 10, "We propose a supplementary budget of at least 30 trillion won to support people's livelihoods and economic recovery."

In his speech as the representative of the negotiation group at the National Assembly's plenary session that day, Lee stated, "The most urgent measure for recovery and growth is an emergency prescription to revive the people's economy, namely a supplementary budget."

Lee emphasized, "Due to the shock of martial law, more than 6 trillion won was wiped out from the real Gross Domestic Product (GDP), and within a month, 5.7 trillion won in foreign investment funds flowed out. The government must not miss the golden time for economic recovery through fiscal expansion."

Specifically, he said, "We also need budgets for public safety, such as win-win consumption coupons, compensation for small business losses, support for local currency, infectious disease response, and training of specialists in severe trauma care. We also need additional investment in public housing, local social overhead capital (SOC), and national funding for free high school education, as well as future industries like artificial intelligence (AI) and semiconductors." He added, "I will not insist on any particular item," leaving the door open for discussions with the ruling party.

Yonhap News Agency

Lee stressed, "A strong government drive is needed for the AI revolution. We must establish a national AI data center." He continued, "Let us support the AI industry with an AI data center equipped with more than 100,000 AI semiconductor GPUs (graphics processing units)."

Lee also noted, "Currently, two out of the top ten domestic companies are bio companies," and stated, "National investment is needed to secure global top-five competitiveness in bio in the future." He proposed, "Let us strengthen the bio industry ecosystem by establishing regionally specialized development strategies for areas such as Incheon and the Chungcheong region, supporting R&D (research and development) and finance, creating bio-specialized funds, and fostering relevant medical professionals and other specialized talent."

Lee presented 'Jalsanism' as a new vision. To this end, he said, "Let us create new growth engines and pursue 'fair growth' that shares both opportunities and results. I will establish a 'Committee for Recovery and Growth for a Basic Society.'"

Regarding the martial law situation, he said, "We will specify the right to refuse illegal martial law orders and establish a system to reward those who refuse or help prevent illegal martial law." As the first step, Lee emphasized, "As the first measure to fully open the doors of a democratic republic, I will introduce a recall system for members of the National Assembly." The recall system allows voters to remove elected officials, such as members of the National Assembly, from office through a public vote during their term.