By Jung Seok-jun, The Herald Business
People Power Party leader Jang Dong-hyeok on Monday urged President Lee Jae-myung to fundamentally overhaul the country's economic policies, drawing a parallel between the national football team's struggles and what he called the root cause of South Korea's economic deterioration.
Speaking at a supreme council meeting at the National Assembly, Jang said Lee had quickly posted online after the national team failed to advance to the round of 32 at the World Cup, writing that "the result is obvious when an incompetent person is chosen as commander." "That sounds like something the president should be saying to himself in the mirror," Jang said.
He said South Korea's highly capable young people cannot find jobs and have become financially dependent on their parents — "no different from benching Son Heung-min." He added that while rival economies are pressing ahead with restructuring and labor reform, South Korea is moving backward with the so-called yellow envelope law, a revision to the labor union act. "It is exactly like a national team that has failed to build up play with outdated tactics," he said.
Jang added that just as the national team's problems had been masked by the talent of individual players, the country's immediate crisis was being papered over by the semiconductor industry. "If the tactical failures are exposed and the coach still refuses to change course, there is no solution other than replacing the coach," he said.
Jang also took aim at Lee's push for a supplementary budget, saying the president was citing AI GPU procurement and support for low-income households as pretexts, but that the real aim was to pump out cash to reverse a collapse in his approval rating. "With the exchange rate hovering above 1,540 won to the dollar and consumer price inflation running above 3 percent, injecting more money through a supplementary budget will only push the exchange rate higher and send prices soaring further," he said.
"Now is not the time for a supplementary budget," Jang said, adding that when a fire breaks out, you reach for a fire extinguisher — you do not pour oil on it. He urged the president to stop trying to prop up his approval rating with a supplementary budget and instead pursue policies that genuinely address people's livelihoods.
mp1256@heraldcorp.com
