Korean Lawmaker Criticizes President's Debt Relief Policy

On July 5, Song Eon-seok, the floor leader of the People Power Party, expressed concerns regarding President Lee Jae-myung's debt relief policy, stating, "We must not create a country where only hardworking citizens end up being fools." During a town hall meeting in Daejeon the previous day, President Lee discussed a policy aimed at forgiving personal debts under 50 million won that have remained unpaid for over seven years, suggesting that he is open to further reductions for those who are repaying their debts normally.

In a Facebook post, Song urged the president to consider the perspective of those who have diligently repaid their debts, arguing that the policy could be seen as unfairly discriminatory against them. He noted, "For those who have worked hard and paid their interest on time, this could be perceived as a reverse discrimination that lacks equity." He emphasized that the current government's approach to debt relief does not align with the principles of fairness from the viewpoint of honest and diligent citizens.

Song acknowledged that while there are unfortunate cases among long-term debtors, there are also concerns that the policy might inadvertently include gambling debts under a blanket forgiveness scheme. He pointed out that while financial authorities have indicated they would assess gambling debts separately, it is practically impossible to determine the specific reasons behind debts incurred seven years ago. Furthermore, he raised the issue of using taxpayer money to forgive debts of foreigners, which he believes could lead to discrimination against domestic citizens.

He also criticized the recent real estate loan regulations announced by the government, which apply only to Korean citizens and not to foreigners, questioning whether such administrative practices would maintain public trust in the government. He strongly urged for necessary corrections to be made.

In a related matter, the People Power Party condemned the Democratic Party's unilateral passage of a supplementary budget worth 32 trillion won, labeling it as a "fiscal explosion driven by political calculations." Choi Soo-jin, the party's spokesperson, stated that the Democratic Party's actions amounted to a "dictatorial budget" and accused them of abandoning their responsibility for cooperation. She criticized the consumer coupons included in the budget as mere cash handouts and noted that essential livelihood budgets requested by the opposition were completely excluded. Additionally, she highlighted the revival of special activity funds for the presidential office, which she described as a blatant example of hypocrisy and a misuse of national finances.