"Boost Consumption to Overcome Economic Recession...
Government Spending Should Use Local Currency"
Special Compensation Measures Promised for Border Areas Including Northern Gyeonggi
Lee Jaemyung, the presidential candidate of the Democratic Party of Korea, discussed his local currency policy, stating, "If all types of fiscal spending, welfare, and budget payments by the city are made with local currency, people will be required to use it at least once," and emphasized, "That means the money will be circulated at least once by force, won't it?"
On May 20, at Geumneung Station Square in Paju, Gyeonggi Province, Lee said, "The economy doesn't die because of a lack of money; there is plenty of money, but it doesn't circulate and remains stagnant, which leads to economic recession." He continued, "When the economy is this bad, we need to boost consumption, but there are policymakers who don't understand this," adding, "If possible, let's use local currency for government fiscal spending."
Lee stated, "If money circulates in neighborhood stores, the sales of chicken restaurants will increase, and the owner might have a glass of Makgeolli, and if they also buy chicken and seasoning, the local economy will improve a bit," adding, "But there are fools who don't understand this." He made this remark in response to criticism from other candidates regarding his so-called 'hotel economy theory,' which he mentioned while explaining basic income and local currency payments.
Lee said, "The purpose of government policy is to make money circulate, and when money circulates, the economy improves under the same conditions." He continued, "When I gave this example, some people either didn't understand or deliberately distorted it, saying things like, 'How can you guarantee that someone who receives 10,000 won will spend 10,000 won?'" He added, "If you have 100,000 won and it circulates ten times, isn't that the same as 1 million won?" and, laughing, said, "There are fools who don't know about the multiplier effect."
Lee also targeted voters in northern Gyeonggi Province, saying that special compensation measures are needed in border areas. He said, "In northern Gyeonggi, the land returned from U.S. military bases has not been utilized, or the government tried to sell it at a high price, but no one bought it, so it hasn't been developed. As governor, my authority was limited, so I couldn't resolve it well," adding, "If I become president, I will change the system if necessary and make sure there are no unfair situations by resolving these issues without fail."
Regarding security, he said, "We need to manage relations with North Korea well," and emphasized, "The best security is to create a peaceful situation where there is no need to fight." He continued, "If we can give ten and get a hundred in return, we should give ten, but there are fools who ask why we are giving so much," adding, "Peace will benefit Paju's economy and the stock market as well."
Lee promised, "Especially in border areas and northern Gyeonggi, peace is the economy, and peace is food itself," and pledged, "I will protect that peace in a rational way."
Meanwhile, Lee also voiced strong criticism of Kim Yongtae, the emergency committee chairman of the People Power Party, who proposed a televised debate among the presidential candidates' spouses. Lee said, "Politics is done by the president, not the spouse," and added, "If a son has influence, should we have a debate among sons? If a friend has influence, should we have a debate among close associates as well?"
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