Gyeonggi Province Governor Kim Dong-yeon expressed general support for the payment of 250,000 won as a 'Livelihood Recovery Support Fund,' but clearly opposed distributing it uniformly to all citizens.
On the 14th, at a special lecture held by the Gwangju Employers Federation in Gwangju Metropolitan City, Governor Kim said, "Fortunately, the Democratic Party announced a supplementary budget bill yesterday. They mentioned a supplementary budget scale of 35 trillion won, with 24 trillion won for livelihood recovery and 11 trillion won for economic revitalization," adding, "Although it is a bit late, I was really pleased to hear something similar to what I had suggested."
However, he pointed out, "I heard that they still plan to give 250,000 won to every citizen, which amounts to 13 trillion won. While I support giving the Livelihood Recovery Support Fund, there are two issues with distributing 250,000 won equally to all citizens: marginal propensity to consume and policy consistency."
He continued, "Rather than that method, I repeatedly proposed ‘thicker and more detailed support’ to those who are more struggling and in greater need," explaining, "If the Livelihood Recovery Support Fund is given to the bottom 25% income bracket, it could amount to 1 million won per person."
Gyeonggi Province Governor Kim Dong-yeon is speaking about the current political direction, supplementary budget formulation, and livelihood recovery support funds during a special lecture at the Gwangju Employers' Association on the 14th. Provided by Gyeonggi Province
In particular, he emphasized, "I said that the 250,000 won Livelihood Recovery Support Fund could be compromised or withdrawn for the supplementary budget, but it was ultimately included. The fact that the Democratic Party’s approval rating is competing with that of the People Power Party means that the Democratic Party is not earning enough trust, so it is important to consistently maintain our position."
At the special lecture, Governor Kim also stated, "Since 1980, there have been six times when South Korea’s economy recorded a growth rate of 1% or less," adding, "Among them, two times were not during an economic crisis or a pandemic, but just last year and the year before, during the Yoon Seok-yeol administration. The continuous 1% growth under the Yoon Seok-yeol government is a ‘very miserable situation,’" strongly criticizing the administration.
Governor Kim also cited foreign media referring to President Yoon Seok-yeol as a ‘GDP KILLER’ during the lecture.
Earlier, in a press conference last December, Governor Kim proposed three measures for ‘Emergency Management of the Republic of Korea’: ▲ a super supplementary budget ▲ establishing an export safety net to respond to Trump’s second term ▲ revitalizing companies, proposing a ‘30 trillion won super supplementary budget.’
Meanwhile, after the special lecture, Governor Kim spent the second day of his visit to Gwangju with a meeting with Archbishop Simon Ok Hyun-jin of the Catholic Archdiocese of Gwangju, a visit to the Sophia Girls’ High School So Simdang Jo Ara Memorial Hall, and a meeting with Gwangju Mayor Kang Ki-jung.
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