Presidential candidates offer slogans, not economic strategy

South Korean presidential hopefuls Lee Jae-myung of the Democratic Party, Kim Moon-soo of the People Power Party, and Lee Jun-seok of the Reform New Party are touting slogans like “The Real Korea,” “Renewing Korea,” and “A New President.” These catchphrases may sound promising, but they are devoid of direction. In Saturday’s televised economic debate, all three failed to present a persuasive or concrete vision for the future.

In business, there’s an adage: “What can’t be measured can’t be managed or improved.” Judged by that standard, the candidates’ economic pledges are closer to incomplete answers—devoid of the “why” and “how” necessary for serious reform.

A functioning society offers young people ample job opportunities and provides older generations with income stability. South Korea, however, is trending in reverse. Young adults face a worsening employment drought, while many seniors remain trapped in poverty. Yet public policy has prioritized short-term relief: handing out stipends to job-seeking youth and pushing older workers to remain in the labor force longer.

According to Statistics Korea, manufacturing jobs have declined for ten consecutive months, with the sector’s employment share slipping to the 15 percent range. The youth employment rate fell to 45.3 percent last month, the only decline among all age groups. The proportion of young people reporting they are “just resting” is now at a five-year high.

Despite these red flags, candidates have not treated the job market crisis with the urgency it deserves. Instead of confronting structural problems, they have proposed palliative measures—cash handouts, loan programs, and public housing—designed more to ease pain than to solve it.

Elderly South Koreans fare no better. With the country crossing into “super-aged” status last year, more than 10 million people are now 65 or older. While officials claim senior poverty is improving, South Korea still ranks worst among OECD nations. The Bank of Korea projects the number of self-employed seniors will rise from 1.42 million in 2015 to 2.48 million by 2032. Ill-prepared efforts to raise the retirement age or extend working years risk shifting the financial burden of aging from the state to individuals and employers.

Adding to the confusion, Lee Jae-myung and Kim Moon-soo have both floated proposals to establish a 100 trillion-won investment fund for artificial intelligence and related industries. But money isn’t what keeps countries from producing the next Nvidia. Success demands strategic resource allocation, world-class talent, and long-term investment in R&D infrastructure. Rushing to mobilize public funds without oversight—under the guise of profit-sharing—could saddle taxpayers with massive investment risks.

As the Financial Times notes, the world has entered a new era of “geoeconomics,” in which economic policy is used as a tool of geopolitical power. Industrial policy is increasingly vital to securing good jobs, and global competition is intensifying. South Korea cannot afford to fall behind. Conventional campaign promises—like regulatory reform or expanded fiscal spending—are no longer enough. What the country needs is a reimagined command center for industrial strategy, akin to the Economic Planning Board that once guided South Korea’s development, tailored now to the demands of this geoeconomic age.

This must be paired with structural reform of the pension system. Young Koreans need not just jobs, but the ability to prepare for retirement. The national pension scheme must shift toward a more robust income-redistribution function and long-term sustainability.

This presidential election should mark a turning point for an economy that has lost its balance—where the young wander in search of work, and the old scour public jobs for income. By the next election, voters must demand results: Have job opportunities expanded? Has retirement security improved? Without measurable progress, there will be no meaningful reform. In statecraft as in business, what cannot be measured cannot be fixed.