Choo Mi-ae, the Governor of Gyeonggi Province, has declared a "financial emergency" in the region, prompting a barrage of criticism from opposition parties directed at President Lee Jae-myung and the Democratic Party.
Jang Dong-hyuk, leader of the People Power Party, stated on Facebook on August 6, "Looking at Gyeonggi Province today, we can see the future of South Korea," adding, "After eight years of Democratic Party governance, the finances have been completely depleted. The main culprit is former Governor Lee Jae-myung."
He criticized Lee for increasing welfare and distributing funds without any plans, saying, "As a result of running the province irresponsibly to favor his allies, the scale of money distribution has grown significantly since he became president, with no end in sight for using taxpayer money to benefit his supporters."
Jang also noted, "Next year's budget is said to be the largest ever. He keeps calling for supplementary budgets at every opportunity," asserting that removing the Lee Jae-myung administration is the way to secure South Korea's future.
Na Kyung-won, a member of the National Assembly, also took to Facebook to say, "Governor Choo's declaration of financial ruin in Gyeonggi Province is a prediction of the national bankruptcy that President Lee will bring about," criticizing that during the eight years of the Democratic Party's governance, the province's debt surged from 1 trillion won to 7 trillion won, with local bonds reaching 99.6% of their limit.
Na pointed out, "The fake welfare budget has skyrocketed to 17.3 trillion won, and of this year's budget of 41.7 trillion won, only 3.5 trillion won can be used at the province's discretion," calling it a "foreseen catastrophe" resulting from the irresponsible spending policies of the Democratic Party.
She further stated, "The Lee Jae-myung and Kim Dong-yeon administrations have repeatedly engaged in cash distribution politics, pouring 4.1957 trillion won into the economy while filling the budget gaps with various funds and local bonds, effectively leading Gyeonggi Province to a structural financial collapse," assessing that the province is essentially in a state of default.
Na referenced the experiences of Gyeonggi Province and Seongnam City, where Lee previously served, both of which faced moratoriums and de facto bankruptcies, emphasizing, "This overlaps with the future bankruptcy of South Korea. The Lee Jae-myung administration has gone too far; the public's mandate is to expedite its bankruptcy process."
Lee Jun-seok, leader of the Reform Party, expressed on Facebook the previous day, "While Gyeonggi Province can reach out to the central government in times of difficulty, the country has no one to turn to," warning that the financial crisis in Gyeonggi Province is just a preview. He added, "I do not want to hear the same words in South Korea four years from now."
According to Lee, the debt of Gyeonggi Province increased most sharply in 2021, the last year Lee Jae-myung was in charge. He noted that during this time, funding for programs such as basic income for youth, postpartum care, and free school uniforms expanded across the province, costing 154.8 billion won annually.
He explained, "Despite increasing expenditures, this was covered by the rising acquisition tax due to skyrocketing housing prices at the time. However, that acquisition tax has decreased by 26% from 11 trillion won in 2022 to 8.1 trillion won this year, while welfare spending still accounts for 49% of the provincial budget."
Additionally, he raised concerns about the national debt, currently at 1,413 trillion won, and the government's future plans, which project it to reach 1,788 trillion won by 2029, indicating that the country's finances are also at risk.
Jang Dong-hyuk, leader of the People Power Party, stated on Facebook on August 6, "Looking at Gyeonggi Province today, we can see the future of South Korea," adding, "After eight years of Democratic Party governance, the finances have been completely depleted. The main culprit is former Governor Lee Jae-myung."
He criticized Lee for increasing welfare and distributing funds without any plans, saying, "As a result of running the province irresponsibly to favor his allies, the scale of money distribution has grown significantly since he became president, with no end in sight for using taxpayer money to benefit his supporters."
Jang also noted, "Next year's budget is said to be the largest ever. He keeps calling for supplementary budgets at every opportunity," asserting that removing the Lee Jae-myung administration is the way to secure South Korea's future.
Na Kyung-won, a member of the National Assembly, also took to Facebook to say, "Governor Choo's declaration of financial ruin in Gyeonggi Province is a prediction of the national bankruptcy that President Lee will bring about," criticizing that during the eight years of the Democratic Party's governance, the province's debt surged from 1 trillion won to 7 trillion won, with local bonds reaching 99.6% of their limit.
Na pointed out, "The fake welfare budget has skyrocketed to 17.3 trillion won, and of this year's budget of 41.7 trillion won, only 3.5 trillion won can be used at the province's discretion," calling it a "foreseen catastrophe" resulting from the irresponsible spending policies of the Democratic Party.
She further stated, "The Lee Jae-myung and Kim Dong-yeon administrations have repeatedly engaged in cash distribution politics, pouring 4.1957 trillion won into the economy while filling the budget gaps with various funds and local bonds, effectively leading Gyeonggi Province to a structural financial collapse," assessing that the province is essentially in a state of default.
Na referenced the experiences of Gyeonggi Province and Seongnam City, where Lee previously served, both of which faced moratoriums and de facto bankruptcies, emphasizing, "This overlaps with the future bankruptcy of South Korea. The Lee Jae-myung administration has gone too far; the public's mandate is to expedite its bankruptcy process."
Lee Jun-seok, leader of the Reform Party, expressed on Facebook the previous day, "While Gyeonggi Province can reach out to the central government in times of difficulty, the country has no one to turn to," warning that the financial crisis in Gyeonggi Province is just a preview. He added, "I do not want to hear the same words in South Korea four years from now."
According to Lee, the debt of Gyeonggi Province increased most sharply in 2021, the last year Lee Jae-myung was in charge. He noted that during this time, funding for programs such as basic income for youth, postpartum care, and free school uniforms expanded across the province, costing 154.8 billion won annually.
He explained, "Despite increasing expenditures, this was covered by the rising acquisition tax due to skyrocketing housing prices at the time. However, that acquisition tax has decreased by 26% from 11 trillion won in 2022 to 8.1 trillion won this year, while welfare spending still accounts for 49% of the provincial budget."
Additionally, he raised concerns about the national debt, currently at 1,413 trillion won, and the government's future plans, which project it to reach 1,788 trillion won by 2029, indicating that the country's finances are also at risk.
* This article has been translated by AI.
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