Song Eon-seok Warns of Tax Burden After Local Elections Amid Economic Concerns

Song Eon-seok, the floor leader of the People Power Party, stated on May 29 that if the administration of Lee Jae-myung continues its reckless policies, the public will face a tax burden, along with soaring rents and interest rates, following the local elections.

During a press conference at the National Assembly, Song expressed concerns about the increasing burden of interest rates and the stagnation in the construction sector, which he said has significantly reduced the supply of new apartments. He warned that the decline in rental listings and the surge in rental costs could push the lives of ordinary citizens and young people to the brink.

He noted that the Bank of Korea's monetary policy committee decided to keep the base interest rate at 2.5% and pointed out that this effectively signals an impending rate hike after the elections.

Song also highlighted that since the inception of the Lee Jae-myung administration, the exchange rate has soared from the 1,400s to the 1,500s. He remarked that prices are rising, oil costs are increasing, and national debt has surpassed 1,000 trillion won. He expressed concern not just about the current economic reality but also about the government's perception of it.

He criticized Kim Yong-beom, head of the Presidential Policy Office, for framing the high interest rates, high exchange rates, and high inflation as a new normal, calling it a fallacy of success. He argued that the government, which should be warning about the economic crisis and proposing solutions, has instead dismissed the public's suffering as a given, revealing its focus on political calculations and populism.

Song added that the interest burden on citizens is reaching its limits, and while warning signs are emerging throughout the economy, the government remains fixated on populism and pro-labor policies, even suggesting the introduction of dangerous anti-market measures.

He also criticized Labor Minister Kim Young-hoon for mentioning the redistribution of excess profits from large corporations, calling it a declaration of intent to pursue policies that directly contradict the market economy and constitutional principles that underpin Korea's remarkable economic growth. He noted that while competing nations are investing heavily in research and development and financial support for advanced industries, the current government is stuck in outdated ideologies, attempting to undermine the market.

He emphasized that the upcoming June 3 local elections should be a referendum on protecting the economy and the lives of the people, urging voters to send a stern warning against the government's misguided economic policies and arrogant governance.