▲ People Power Party leader Jang Dong-hyeok presents the "Budget to Resolve People's Lives" report to the public at the party's central headquarters in Yeouido, Yeongdeungpo District, Seoul, on November 3.
The People Power Party announced its own budget plan for next year today (November 3), cutting about 30 trillion won from the government's budget proposal unveiled yesterday (November 2) by President Lee Jae-myung during his parliamentary policy speech.
As the Democratic Party of Korea steps up efforts to pass the budget bill within the statutory deadline, the People Power Party has been escalating its offensive day after day, vowing not to easily cooperate or reach an agreement.
Holding a press conference titled "Public Report on the Budget to Resolve People's Lives" at the central headquarters in Yeouido today, leader Jang Dong-hyeok personally introduced the party's budget proposal for next year, saying, "The government and the ruling party must halt their unilateral runaway spending and put their heads together to finalize a budget for the people."
The People Power Party emphasized that, to restore fiscal soundness, more than 27 trillion won should be slashed, focusing on 100 non-essential and problematic projects, and that all of the roughly 104 trillion won in surplus funds from the Future Response Fund should be used to redeem national debt.
It added that early repayment of government bonds could save 3 trillion won in interest expenses.
In particular, as "bad spending" that must be cut to expand "good budget" items, the party singled out funding for the Basic Society and Light Committee, cooperative support, the National Research Council for Economics, Humanities and Social Sciences, special activity funds for Cheong Wa Dae, special activity funds for the Serious Crimes Investigation Agency, and reporting reward funds.
In addition, the party stated that the budget it seeks to increase totals 11.5924 trillion won, including 3.4287 trillion won for "Youth Lives," 2.91 trillion won for "Public Safety," 2.8306 trillion won for "People's Livelihoods," 1.225 trillion won for "Public Jobs," and 1.1981 trillion won for "Living Insecurity."
In the youth lives category, it emphasized promoting half-price tuition for private universities and monthly rent support for young adults without homes; in the public safety category, expanding fire safety support and crime victim protection; and in the livelihoods category, expanding loan support for small business owners and supporting the purchase of farmland for public leasing.
In the public jobs category, the party put forward the establishment of regionally driven enterprises and insurance support for low-income platform workers; in the living insecurity category, it proposed establishing 24-hour emergency alternative care systems tailored to senior citizens, children, and people with disabilities, as well as providing vouchers for caregiving, housekeeping, and hospital accompaniment services.
Leader Jang criticized, "President Lee brandished a rosy report card leaning on a semiconductor supercycle, rolled out a super-expansionary budget worth 821 trillion won, and created a Future Response Fund reaching 162 trillion won." He added, "All of that massive money is the people's hard-earned tax dollars. President Lee intends to open at will the Republic of Korea's coffers, which were filled with the blood and sweat of our people and businesses."
The press conference was attended by party leadership, including Secretary-General Jeong Hee-yong and Policy Committee Chair Lim I-ja, as well as lawmakers serving on the National Assembly's Special Committee on Budget and Accounts.
Criticism against the government's budget proposal also poured in from within the party's floor leadership.
Chief Spokesperson Park Choong-kwon stated in a commentary, "The president's budget policy speech this time is nothing more than plundering the future under the guise of 'growth for all.'" He added, "We will hold them accountable to the very end to see whether 'growth for all' is proven by numbers rather than just a slogan."
Senior Floor Spokesperson Kim Tae-kyu also urged in a commentary, "President Lee asked for the budget bill to be passed by December 2, but we can never stamp our approval on a budget bill presented while deceiving the public." He added, "Apologize to the people first for the false explanation that 106 trillion won in debt is 'almost nonexistent.'"
(Photo: Yonhap News)
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