Opposition pres. candidate making reckless election pledges

With the presidential election just 58 days away, the three candidates are making a flurry of reckless election pledges that could cost billions of U.S. dollars without any measures to mobilize the necessary budget.

Critics say the candidates are racing to make pledges requiring massive budget, even after the near suspension of a program approved by politicians last year to provide free childcare for children up to age 2 due to lack of budget.

Since many of the pledges will require spending of next year’s budget, chances are high that if they are implemented, they could further burden on state finances.

On a free childcare program for children up to age 5 in a town hall meeting with pregnant women on Oct. 14, Democratic United Party`s presidential candidate Moon Jae-in said, “The program will cost 7.5 trillion won (6.8 billion dollars). It will cost a lot of money, but I think Korea can financially manage this initiative.” Since the program will require budget every year, however, the combined cost will hit 37.5 trillion won (34 billion dollars) over a five-year period. To raise this amount, each member of the economically active population, which is estimated at 25 million in Korea, must pay 1.5 million won (1,360 dollars).

In a meeting with college students on Jeju Island in July, Moon had said, “The cost to halve college tuition is 5.7 trillion won (5.2 billion dollars),” adding, “This is far smaller than the 82 trillion won (74 billion dollars) required for cutting taxes for the rich and the 22 trillion won (20 billion dollars) spent on the four-river restoration project. The figure is something that Korea can sufficiently handle." But since the college tuition reduction program will also require funds every year, the combined cost will reach 28.5 trillion won (26 billion dollars) over five years, which is larger than that for the river project.

peacechaos@donga.com jarrett@donga.com