The curse of election pledges

Following Greece and Ireland, Portugal is the latest Southern European country to require a financial bailout. Spain is also known to be on the verge of fiscal collapse. Southern Europe has a strong socialistic tradition and nations in the region have presented welfare pledges to win votes whenever elections come. Austerity policies to make up deficits after elections have invited a backlash from interested parties, resulting in a political crisis. The state of the ruling Democratic Party of Japan is also suggestive. The party has little room to maneuver due to hollow election pledges such as the introduction of a childcare allowance and free high school education.

Southern European countries are facing fiscal crises because of clash of interests among groups, social classes and regions at election time. Politicians there have poured out impractical and ineffective pledges that ignore fiscal health. British politician David Held, who explained a crisis of modern democracy with his theory of an “overloaded government,” said the provision of free welfare, medical and education services in accordance with skyrocketing demand has undermined the people’s motivation and sense of responsibility. As a result, the populist view has reigned and caused politicians to make pledges than they must keep, Held added. Policies set forth by politicians and governments to win votes hamper economic growth, increase state spending, and undermine fiscal soundness.

Korea is no exception in this regard. After having achieved economic development and democratization at the same time, the country is suffering from the effects of populist election promises. The development of the administrative district Sejong City was presented as a presidential election pledge by Roh Moo-hyun in 2002 and Lee Myung-bak in 2007. The promise is said to be the biggest populist pledge in the history of the Republic of Korea. The plan and reckless designations of innovative cities have sent land prices skyrocketing and geometrically increased the debt of Korea Land and Housing Corp. Election pledges to build new airports issued without prudently reviewing feasibility have created airports in the red. The plan to build a new airport in the Gyeongsang provinces, which also lacks a sufficient review on feasibility and validity, has caused conflict between South and North Gyeongsang Province.

Given what politicians are doing, the curse of elections pledges is likely to be repeated in the run-up to next year`s general and presidential elections. The main opposition Democratic Party, which won the local elections last year thanks to its pledge to provide free school meals, wants to expand free welfare policies to health care, education and housing. Lawmakers of the ruling Grand National Party, which benefited from a pledge for an urban regeneration project in the 2008 general elections, will ask for government help as the implementation of the project has been delayed.

Held warned that the vicious circle of populism will continue until politicians who can firmly refuse the pressure of "excessive democracy" appear. Unfortunately, Korea has few such politicians. The people are both voters and taxpayers and so should thoroughly review the feasibility of election pledges instead of being swayed by populist promises. If they are blinded by seemingly sweet but ultimately “poisonous” pledges, both this and future generations will suffer. After all, the political level of a country depends on the level of its people.