PPP floor leader targets Lee government 38 times in debut speech, rules out constitutional reform

People Power Party floor leader Jeong Jeom-sik trained his fire on President Lee Jae Myung and his administration Tuesday in his first floor leader address to the National Assembly since taking office. Jeong deployed sharp language — including accusations of "corporate plunder" — to attack government policy, while laying out the PPP's own policy agenda, including easing inheritance and gift taxes and scrapping redevelopment and reconstruction regulations. On constitutional reform proposed by the ruling camp, he repeated the party's standing position: "Not under this government."

Opening his address, Jeong cited a recent drop in President Lee's approval rating and said, "When approval ratings collapse, you have to change the direction of governance — but the Lee Jae Myung government is still closing its eyes, covering its ears and going its own way."

He then said the term "Jaemdemic" had been making the rounds lately — a portmanteau of "Lee Jae Myung" and "pandemic" — adding that it meant "everything he touches brings disaster."

With confirmation hearings for the Aug. 30 cabinet reshuffle set for next week, Jeong argued the appointments signaled that the president was determined "to erase his own crimes, to give up on young people, and to press ahead with real estate regulations and populist policies."

The word Jeong used most often in the speech was "people" — appearing 42 times, excluding compound terms such as "People Power Party" and "national pension." "President" came next at 38 mentions, followed by "government" at 35, "policy" at 21 and "real estate" at 18. "Lee Jae Myung" and "trial" each appeared 15 times.

In discussing corporate policy, he mentioned "North Korea" 11 times and "companies" and "pension" 10 times each. "All the government does when companies post good earnings is scheme to take it away," Jeong said. "The worst act of corporate plunder this government has committed is the Honam semiconductor project."

Jeong also signaled his intent to revise the so-called Yellow Envelope Act, saying the party would "amend the law to clearly define the employer status of prime contractors and the scope of bargaining." On livelihood issues, he underscored tax cuts and expanded housing supply, proposing the full abolition of inheritance and gift taxes between spouses, the elimination of taxes on overtime pay, the introduction of asset-building savings accounts and the scrapping of reductions to old-age pension benefits tied to earned income.

On real estate, he said the party would scrap regulations on private-sector redevelopment and reconstruction to boost housing supply. "We will cut acquisition taxes on the first home purchase for young people and newlyweds and provide ultra-low-interest loans," Jeong said.

Jeong also addressed public safety and electoral reform. "We will restore order to a public safety system that has collapsed," he said, pledging to revive supplementary investigative powers for police. As a follow-up to the ballot shortage crisis, he said the party would consider scrapping the early voting system entirely and extending the main voting period.

On state finances and pension management, Jeong said the party would "strengthen the independence and expertise of the National Pension Fund Management Committee to block government interference and ensure the fund is managed on the principles of profitability and stability," adding that any surplus tax revenue would first go toward paying down the national debt.

On constitutional reform, Jeong said President Lee had mentioned amending the constitution to allow consecutive terms but "has never once said he won't seek re-election or that he will stand trial." "We will never discuss constitutional reform with forces that are clearly committing unconstitutional acts and seeking private gain through amendment," he said.

He also claimed that after the president's push for constitutional reform ran into a public backlash, "he pulled out the card of abolishing the crime of breach of trust again," and that "the government and the ruling party are preparing for life after his presidency in every way imaginable — making his trial disappear, having the president appoint the judges, delaying the trial, or striking the charges from the indictment."

Meanwhile, Cheong Wa Dae again drew a line against calls from some in political circles for a constitutional amendment to extend President Lee's term. Hong Ik-pyo, the presidential chief of staff for political affairs, appeared on the YouTube program "Kim Eou-joon's Humility Is Hard News Factory" and said it was "regrettable that the controversy keeps growing" even though the amendment "is not possible under the current constitution" and President Lee had "clearly stated he had never even considered such a thing."