"Populism" vs. "K-Nvidia Funding"... Debate Over Basic Society [The Words That Shook the Presidential Race]

Lee Jae Myung: "Substantial Guarantee of Basic Livelihood"
Kim Moonsoo: "Not Everything Works Just Because It's Said"

As the 21st presidential election approaches, the basic society pledge by Lee Jae Myung, the presidential candidate of the Democratic Party of Korea, has emerged as a major issue.

Lee Jae Myung, the presidential candidate of the Democratic Party of Korea, is campaigning at Dongmun Rotary in Jeju City on the morning of the 22nd. Photo by Yonhap News

On the 22nd, Lee announced on social media that he would establish a Basic Society Committee, stating, "We will move toward a society where the national community takes responsibility for the basic lives of the people?a basic society." He further explained, "A basic society does not stop at fragmented welfare policies or income redistribution. It is a society that substantially guarantees the basic lives of all citizens, based on the constitutional right to pursue happiness and human rights." His key pledges include expanding child allowances, introducing basic income for rural and fishing communities, implementing solar and wind pensions, and promoting local currency.

Regarding the feasibility of funding a basic society through a sovereign wealth fund known as 'K-Nvidia,' Lee responded, "The idea is that if public funds contribute to growth, a portion of the profits can be used to address certain welfare issues for the people." He added, "Large-scale investments should involve both the private and public sectors so that the benefits of growth are shared. This way, we can improve public welfare without relying solely on taxation."

The People Power Party launched a full-scale attack, calling the pledge 'populism.' Kim Moonsoo, the People Power Party's presidential candidate, told reporters that day, "I don't really understand what the concept of a basic society is," and criticized, "Just because something is said doesn't mean it makes sense."

Kim Yongtae, the emergency committee chair of the People Power Party, pointed out, "Lee said, 'Our country has this strange idea that we shouldn't give things to the people for free. There are people who ignorantly say the country shouldn't go into debt.' Is this something a person who wants to lead the nation should say?" He continued, "Who is going to pay off that debt? Isn't it today's youth?" He sharply criticized, "Are you planning to turn the country into a laboratory for populism and, as you did during your time as mayor of Seongnam, declare a moratorium?"