Lee Jae-myung proposes a payment of 250,000 won per person

On Sunday, the leader of the Democratic Party of Korea, Lee Jae-myung, said, “I propose a support payment of 250,000 won per person and an average of 1 million won per household aimed at aiding individuals and households in recovering their livelihoods.” Lee said it would take approximately 13 trillion won for this initiative, adding, “Compared to the 900 to 1,000 trillion won spent on tax cuts for the wealthy by the Yoon Suk Yeol administration and the deceptive promises made during the 'People's Livelihood Debate,' the proposed investment amounts to no more than a drop in the bucket, just a fraction of fingernail.” The former Moon Jae-in administration announced a 14.3 trillion won plan for the first round of COVID-19 disaster relief payments just 12 days before the April 15 general elections in 2020, sparking controversy over a 'money election.' With only 18 days left before this year’s general elections, the revival of the proposal for universal support funds drew criticism from the People Power Party as indicative of their deeply ingrained "money-splurging DNA."

On the same day, Lee convened a press conference at a campaign site in Songpa-gu, Seoul, and said, “Special measures must be put forward for the cliffhanging economy for people’s livelihood.” He pledged to advocate for an additional payment of 100,000 won per person, specifically targeting groups such as basic livelihood recipients and those categorized in the next-lowest socioeconomic bracket.

Lee outlined a plan to generate 13 trillion won in financial resources primarily through “national taxes,” suggesting the potential issuance of national bonds or adjustments to the existing budget as supplementary measures. “People keep talking about the national fiscal deficit, but the value of 1 million won differs when one is poor and struggling compared to when one is financially comfortable,” Lee said. “We can generate the required 13 trillion won by reallocating funds from elsewhere or adjusting budgets, and then fill the gap later.”

He proposed providing the livelihood recovery support fund in local currency. Park Jeong-ha, head of the public affairs committee of the People Power Party's Central Election Committee, criticized, saying, "Now that it's election time, the Democratic Party seems to be nostalgic for distributing money. This will no longer deceive our people."


Ji-Hyun Kim jhk85@donga.com