Song Eon-seok: President Lee Should Focus on Citizens' Lives, Not Stock Indices

Song Eon-seok, the floor leader of the People Power Party, urged President Lee Jae-myung on June 1 to focus on the lives of citizens rather than engaging in social media disputes over stock market reports.

In a post on Facebook, Song criticized President Lee for responding to media reports that highlighted concerns about the concentration of the semiconductor industry and the struggles of other sectors.

Earlier, President Lee shared a report from a securities firm on X (formerly Twitter), stating that excluding semiconductor stocks, the KOSPI index is essentially at the 4,100 to 4,200 range. He argued, "No one says Son Heung-min is an ordinary person if you exclude his soccer skills," and questioned why the overall stock index should be calculated without considering semiconductors, a key industry.

Song described the president's behavior as "truly leisurely" in light of recent incidents, including an explosion at a defense facility that resulted in casualties. He acknowledged that while semiconductors are crucial, the weakening competitiveness of other industries and market polarization are concerning issues.

"Above all, the president should focus on the lives of the people, not the stock index numbers," Song said, emphasizing that citizens are currently suffering from high inflation, high exchange rates, and high interest rates. He criticized the government for ignoring the public's pain, referring to it as the "cost of success."

He added that the anticipated tax increases, rising rents, and interest rates following the local elections are contributing to growing public anxiety. "People are more worried about next month’s tax bills, lease expirations, and loan repayments than stock market gains," he noted.

Song expressed concern that the recent surge in credit loans, which increased by over 2.6 trillion won in just one month, and the largest rise in overdraft balances in five years indicate a troubling trend of increased borrowing to invest in the stock market.

He warned that if stock prices fluctuate, it could pose significant economic risks to ordinary citizens and households. "President Lee should not boast about rising stock indices as a political achievement but should recognize the warning signs in the economy. Priorities should be on stabilizing prices, reducing tax burdens, alleviating rent pressures, stabilizing real estate, lowering interest burdens, and ensuring stable employment," he emphasized.