[Editorial] What About Economic Growth?

The 17th presidential election campaign began in earnest today, but there was no trace of competition in policies to solve national issues. The United New Democratic Party (UNDP) is the pro-government successor to the current Roh administration, but instead of clarifying whether they will continue with the policies of the past five years or admit their mistakes and make amends, they are instead trying to bash presidential candidate Lee Myung-bak.

In the meantime, independent candidate Lee Hoi-chang’s people are running a strange campaign that consists of nitpicking about Lee Myung-bak’s family motto.

While the actual citizens of Korea are concerned about who will revive the economy, the candidates themselves are glossing over the issue and leaving out the details we need to hear.

Election pledges that only pay lip service to the real issues cause misunderstandings. Because of Roh’s “surprise pledge” for capital relocation during campaigns, Roh ended up violating the constitution and resources were wasted when municipal administration complex plans went awry. It got to the point where Roh confessed, “I was goaded into raising the national growth rate to 7 percent after Lee Hoi-chang pledged a 6 percent raise in 2002,” after he was elected.

In reality, the Roh administration’s economic growth performance remained at a mere 3 to 4 percent yearly, less than the world average. His promise to create a nation that is “good for companies and investment” and 500,000 jobs annually turned out to be a lie. He just didn’t have the fierce will or the capability to make it happen.

Candidate Lee of the Grand National Party announced his policy pledges at the “Top National Vision Proclamation” event yesterday. He promised a 7-percent economic growth rate and 3,000,000 new jobs, lower taxes, fewer regulations, and a wealthier nation. But lifting regulations is already the global trend and considered a given for economic revitalization. There’s still a gross inadequacy to making specific high-growth plans.

Independent Candidate Lee Hoi-chang doesn’t even have a pledge yet. How are we to vote at all if none of the candidates have a viable strategy in the works, much less meticulous economic management plans? UNDP presidential candidate Chung Dong-young’s 20 core pledges for “indiscriminate growth and happy families” announced just yesterday, are again only fledgling catchphrases.

Voters should start examining the candidates’ rose-colored pledges with a critical eye. Economy-related pledges aren’t made of goal statements. To get from point A to point B, there needs to be a roadmap. We need a plan.