Jung Jeom-sik, the floor leader of the People Power Party, criticized President Lee Jae-myung on September 8, stating, "No government has ever caused such rapid and devastating collapse in South Korea since its founding." He referred to the term 'jamdemic,' a blend of 'jam' and 'pandemic,' to target the ruling party's policies on real estate, finance, and justice, launching a broad offensive. He also distanced himself from discussions on constitutional amendments proposed by Kim Min-seok, the leader of the Democratic Party, the previous day.
In his representative speech at the National Assembly, Jung stated, "Currently, South Korea is in a state of collapse across all areas, including public safety, real estate, stock markets, rule of law, national defense, and state finances."
Regarding real estate policy, he labeled it a 'promise fraud' and called for its complete abolition. Jung criticized, "The president promised during his campaign not to control real estate through taxes. However, after taking office, the policies have been the exact opposite. This is a 'promise fraud' against the people."
He also attributed the volatility in the stock market to the government, stating, "The government is the cause of stock market volatility," and criticized the administration for managing financial policy like a 'stock leading room,' which has exacerbated volatility. He emphasized the need for a national investigation and special prosecution regarding the introduction of single-stock leveraged exchange-traded funds (ETFs).
On the constitutional amendment mentioned by Kim the previous day, Jung stated, "There will be no constitutional amendment under this government," asserting, "I will never discuss amendments with those who clearly commit unconstitutional acts for personal gain." He urged the judiciary to resume the trial of President Lee.
Full Text of Jung's Representative Speech
Dear citizens,
Honorable Speaker of the National Assembly Jo Jung-sik and fellow lawmakers,
Prime Minister Han Seung-sook and cabinet members,
This is Jung Jeom-sik, the floor leader of the People Power Party.
It has been 1 year and 3 months since the Lee Jae-myung government was inaugurated. Recently, the president's approval rating has fallen below 40%, with some polls showing it as low as 34.7%.
The public's expectations have turned into disappointment, and disappointment has morphed into anger. When approval ratings plummet, the government must change its policies. However, the Lee Jae-myung administration continues to turn a blind eye and block its ears, pursuing its own path.
Take a look at the recent cabinet reshuffle. The head of the president's prosecution cancellation group, who is implicated in new drug fraud allegations, has been nominated as the Minister of Justice.
A person who has served as a proportional representative twice and is a symbol of privilege and unfairness, seeking to hold both ministerial and legislative positions, has been nominated as the Minister of Gender Equality and Family.
The candidates for the Minister of Economy and the Minister of Land are both former vice ministers responsible for policy failures. This indicates a continuation of failed economic and real estate policies, suggesting a willingness to fight against the people.
Appointments send a clear message from the government: 'We will definitely clear the president's name,' 'We will give up on the youth,' and 'We will continue populist policies on real estate regulation.'
Recently, the term 'jamdemic' has become popular. It combines President Lee's name with 'pandemic,' implying that everything he touches brings disaster.
Currently, South Korea is in a state of collapse across all areas, including public safety, real estate, stock markets, rule of law, national defense, and state finances.
Since the founding of South Korea, no government has caused such rapid and devastating collapse.
Government and Ruling Party Open the Gates to Hell in Public Safety
The government and ruling party have opened the gates to hell in public safety. Citizens are expressing their anxiety and doubting the capabilities and will of investigative agencies.
With the abolition of supplementary investigative rights, police may have to divert public safety personnel to fill gaps in investigative capabilities. Investigations will become inadequate, and public safety will be compromised.
In Gwangju, police concealed evidence in a murder attempt case. In Jeju, a missing persons case was falsely concluded. In Gangnam, Seoul, a suspect was disguised as a witness.
The police's mishandling of cases is shocking. If supplementary investigative rights are abolished, it will not only prevent concealment but also make it difficult to uncover the truth later.
I have warned the Democratic Party not to open the gates to hell by abolishing supplementary investigative rights.
However, driven by hatred and revenge against the prosecution, and greed for votes in the party convention, the Democratic Party has opened the gates to hell by abolishing supplementary investigative rights.
By October, both the prosecution and supplementary investigative rights will disappear. The Special Investigation Agency has not even been able to recruit investigative personnel.
In this situation, the president suddenly ordered the establishment of a police reform organization, calling for self-correction with a determination to make sacrifices. The Democratic Party claims it will root out the six major evils of the police.
This is akin to a thief ordering the barn to be fixed after losing the cow.
The distortion of the judicial system will lead to inadequate investigations, which will return as suffering for the people. The government and ruling party bear full responsibility for this. Please remember this clearly.
Citizens Cry Over Real Estate and Are Deceived by Stocks
There is one rule in the South Korean real estate market: when the left takes power, real estate prices soar. The Lee Jae-myung government has proven this rule without exception.
Within a year of taking office, apartment prices in Seoul have risen by 11%, surpassing the 8.2% increase during the Moon Jae-in administration. Since February of last year, apartment prices have risen for 82 consecutive weeks.
As apartment prices soar, rental properties are dwindling. In Jungnang-gu, there are only two rental listings in a new apartment complex with over 1,500 units. In Gangbuk-gu, there is only one rental listing in a large complex of 3,830 units.
With the barriers to buying and renting rising, citizens are reluctantly forced into monthly rentals. As demand for monthly rentals increases, prices naturally rise. In areas like Nowon-gu, Dobong-gu, and Gangbuk-gu in Seoul, monthly rents for a standard apartment (84 square meters) exceed 3 million won.
Earlier this year, the president claimed that controlling real estate would be easier than managing valleys. However, now we are witnessing a triple increase in sales, rentals, and monthly rents, sweeping across the metropolitan area like a domino effect. The president has not captured real estate but the people.
Believing that speculation is the reason for rising real estate prices, the government has blocked private redevelopment and reconstruction while imposing loan restrictions and tax burdens.
They have treated multiple homeowners as devils. These individuals are suppliers in the housing market. By blocking supply, price surges are inevitable.
They have forced non-resident homeowners to live in their properties. This forces tenants to seek other homes. The state is forcing citizens to play a game of musical chairs.
In the face of angry public sentiment regarding real estate, the government announced it would maintain the current basic deduction for comprehensive real estate tax for non-resident homeowners.
However, while government policies waver, tenants have already been pushed elsewhere.
Please think before announcing policies. The government can change its words, but the lives of the people collapse with each statement.
Above all, the leftist mindset regarding real estate must be discarded. The Democratic Party has long used the phrase that a house is not for buying but for living.
The Chinese Communist Party used the expression 'housing is for living, not for speculation' while implementing real estate regulations.
How can the real estate policies of a country that has chosen a market economy be the same as those of the Chinese Communist Party? This alone shows how extreme the Democratic Party is.
Furthermore, the president has stated that if housing auctions surge due to loan defaults, the government will purchase them in bulk for public housing purposes.
This means the state will pressure citizens with interest rates and taxes to hoard homes. The state wants to act as a landlord while binding citizens as tenants.
This is a predatory policy disguised as a plan.
The president promised during his campaign not to control real estate through taxes. However, after taking office, the policies have been the exact opposite. This is a 'promise fraud' against the people.
The fraud against the common people in rental housing has faced legal judgment. The fraud against the public through broken promises will face the judgment of public sentiment.
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