Han: "Moon Jaein with Income-Led Growth, Lee Jaemyung with No-Show-Led Growth"
"Saying you can survive an elevator crash by jumping at the last moment"
On expanding local currency issuance and making government support mandatory
"Willing to damage the country with inefficiency just to secure votes"
Urges Kim Moonsoo to break ties with Yoon's couple and extreme factions
Former People Power Party leader Han Donghoon on the 19th criticized Democratic Party presidential candidate Lee Jaemyung's so-called "Hotel Economy Theory," saying, "He will ruin the economy through 'No-Show-Led Growth.'"
On this day, Han posted on his Facebook, "Lee Jaemyung's Hotel Economy Theory is 'Noju-seong (No-Show-Led Growth),'" and pointed out, "The Moon Jaein administration ruined the economy with income-led growth, and Lee Jaemyung will ruin it with 'Noju-seong.'" He went on to strongly denounce Lee's theory, saying, "Lee Jaemyung's Hotel Economy Theory is like saying, 'If the elevator you're riding in plummets, you can survive by jumping at the last moment.' It's nonsense."
The Hotel Economy Theory posits that if a customer reserves a hotel room for 100,000 won, the hotel uses that money to buy a bed from a furniture store for 100,000 won. The furniture store then orders 100,000 won worth of chicken from a chicken restaurant, which in turn buys 100,000 won worth of stationery from a stationery store. The stationery store then repays the 100,000 won it borrowed from the hotel, creating a cycle. The logic is that even if the customer cancels the reservation and no actual money is injected, the circulation of money revitalizes the market. Lee has used this example to explain how basic income can stimulate the economy.
In response, Han argued, "If we are to seriously respond to this nonsense, then after the hotel reservation is canceled, the hotel must also cancel the bed purchase, and the furniture store must cancel the chicken order."
At a debate the previous day, Lee Junseok, the presidential candidate of the Reform Party, criticized the Hotel Economy Theory as "quirky, money-printing economics." Lee Jaemyung explained, "I wasn't talking about growth, but rather tried to extremely simplify the need for economic circulation."
Han also criticized Lee's pledge to expand the issuance of local currency and make government support mandatory in another Facebook post. Han stated, "If only some local governments issue local currency and offer discounts, sales in those areas may increase, but retail stores in neighboring areas will see sales decline. As a result, almost every local government, including Seoul, has ended up issuing local currency with government subsidies, making the original goal of revitalizing local consumption meaningless. The only effect left is the discount itself."
Han further pointed out that the incidental costs of issuing local currency amount to nearly 10% of the total issuance. "If 1 trillion won worth of local currency is issued, 100 billion won is wasted and does not return to local residents. This is the reality of Lee's so-called 'Hotel Economics.' It's just a product for his own brand, and it's convenient for promoting basic income through local currency," he emphasized. He also criticized, "The essence of Lee Jaemyung's local currency policy is that, even if the country is damaged by inefficiency, he will secure his own votes."
On the 20th, at the ASSA Art Hall in Gangseo-gu, Seoul, Han Donghoon, candidate of Group B, is speaking at the first round group debate of the People Power Party's 21st presidential candidate primary election. 2025.4.20 Photo by National Assembly Press Photographers Group
On this day, Han not only criticized the Hotel Economy Theory but also launched a barrage of attacks on Lee's words and actions via Facebook. Regarding Lee's remark that "the cost of coffee is 120 won," Han said, "He is targeting small business owners with populist attacks," and added, "Soon, Lee Jaemyung and the Democratic Party will call for a 'coffee special prosecutor' and 'mass impeachment of small business owners.'" He expressed concern, saying, "Lee Jaemyung is dangerous because he is incompetent, and even more dangerous because he doesn't realize his own incompetence."
In another post, Han wrote, "There are thousands of convincing reasons why Lee Jaemyung should not become president. Sensible citizens already know how dangerous and incompetent he is," adding, "Those who watched Lee's 'So what?' debate yesterday must be even more convinced."
To People Power Party candidate Kim Moonsoo, Han urged, "To persuade the public to vote for our candidate for those thousands of reasons, we must first show the people that we are boldly severing ties with extreme factions, such as the former President Yoon Sukyeol and his wife, the Liberty Unification Party, and far-right YouTubers, and that we are confronting issues like martial law and impeachment head-on."
He emphasized, "Because we are failing to do this properly, many sensible citizens are saying, 'It would be disastrous if Lee Jaemyung wins, but you are beyond saving, so I can't vote for you.'"
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