Jung Jeom-sik Criticizes Lee Government, Calls South Korea in a 'Jamdemic'

Recently, it is said that transactions in Gangnam are following this trend. The president has indeed opened a new chapter in private finance.

Fellow lawmakers, do you also believe that rental housing should disappear like the president?

Including myself, many of you here likely secured your homes through rental housing. Why should the younger generation be deprived of the benefits we enjoyed?

The government and ruling party have kicked away the housing ladder, telling the youth to live in converted buses or dormitories, and offering to relax loan regulations for villa purchases.

Democratic Party lawmakers, is the youth a refugee? Can you say this to your children? That your child lives in an apartment while others live in converted buses, dormitories, or villas?

Our citizens do not desire to make 1,000 times the profit from real estate like the Daejangdong group.

They simply want to work hard to secure their homes, raise their children in better environments, and prepare for retirement. Do not trample on this modest hope. The predatory real estate policies that rob the lives of the people must be completely abolished.

The KOSPI is experiencing volatility. Since the introduction of single-stock leveraged ETFs, there have been 31 sidecars and 7 circuit breakers.

Look at the historical instances when circuit breakers were triggered. They occurred during catastrophic events such as the dot-com bubble burst, the 9/11 attacks, and the COVID-19 pandemic. This indicates that the financial policies of the Lee Jae-myung government are disastrous.

Foreign media have referred to the KOSPI as a game of squid. There are even assessments labeling South Korea as an unsuitable investment country. Domestic investors are self-deprecatingly calling the KOSPI a 'game of chance' or 'junk coins.'

The government is the cause of stock market volatility. Last year, the vice chairman of the Financial Services Commission effectively encouraged leveraged investments by stating, 'Debt investment is also leverage.'

After the policy chief mentioned single-stock leverage in January, related products were launched just four months later.

The government has managed financial policy like a stock leading room, exacerbating volatility.

In June, leveraged investments once exceeded 38.6 trillion won. During the sharp decline of the KOSPI in July, forced liquidations approached 1 trillion won. Losses from investments in single-stock leveraged ETFs are estimated to exceed 54 trillion to 56 trillion won. The people are shedding tears of blood.

We need a national investigation and special prosecution. We must uncover whether there was pressure from power in the introduction of leveraged products, whether the pressure was the unilateral decision of the policy chief, or if there is a higher authority involved, and why these products were launched just before local elections.

There are citizens who trusted the government and invested in the KOSPI, only to lose their startup funds, wedding funds, and rental deposits.

In the 1 year and 3 months of the Lee Jae-myung government, our citizens have cried over real estate and been deceived by stocks.

Power is Seizing Businesses

Our semiconductor industry is experiencing unprecedented prosperity. However, we must not become complacent.

Even now, many countries are providing financial, tax, and fiscal support to businesses to enhance national competitiveness.

In contrast, the Lee Jae-myung government is doing the opposite. The Minister of Employment and Labor has referred to semiconductors as 'public goods' and mentioned the distribution of excess profits. The policy chief has even suggested introducing an 'AI national dividend.'

This is a chronic issue for the Democratic Party. When corporate performance is good, they only think of ways to seize it. In the past, President Lee Jae-myung suggested imposing a windfall tax on the oil industry.

While they may change the terms to public, distribution, dividend, or windfall, the essence remains the same: when companies make money, they want to take it away.

The worst corporate plunder committed by the government is the Honam semiconductor investment.

Companies should freely decide where to invest. Local governments should compete fairly to attract businesses. However, the 800 trillion won Honam semiconductor investment ignored procedural fairness.

The president referred to this investment as 'historical compensation for Honam,' acknowledging it as a political decision. He admitted that corporate investment was based on 'administrative guidance.'

In the past, the president made extreme claims about dismantling conglomerates. Now, while he may not have succeeded in dismantling them, he has succeeded in seizing them.

The announcement of the Honam semiconductor investment by the Blue House and the first and second public review meetings coincided with the resignation of Prime Minister Kim Min-seok, his declaration of candidacy for the party convention, and the voting in the Honam region during the party convention. The timelines align perfectly.

This alone shows that the Blue House's mega-project blitz was a strategy to elect certain individuals and defeat others in the party convention.

When the yellow envelope law became a hindrance to the Honam semiconductor investment, the government announced it would handle the dispute criteria as implementation guidelines.

Implementation guidelines have no legal binding force. This means the government can do as it pleases based on its preferences.

The yellow envelope law was born from a political deal between the Democratic Party and the Korean Confederation of Trade Unions from the beginning. The criteria and targets for applying the law change arbitrarily, making it a rubber band law. Such a law cannot be left as is.

The People Power Party will amend the yellow envelope law to clearly define the employer's responsibility and negotiation scope.

While China is fully supporting businesses to enhance competitiveness, we are pressuring them with forced investments and profit distributions. We are even hitting businesses with bad laws like the yellow envelope law.

In terms of industrial policy, the Lee Jae-myung government is to the left of the Chinese Communist Party.

Populism is Plundering the Future

Currently, South Korea's national debt exceeds 1,300 trillion won. Yet, the government has announced a super budget of 820 trillion won. We are entering a super-aged society. Even frugality is not enough.

Yet, the government has chosen extreme expansionary fiscal policies. How can they claim to control inflation and real estate while distributing money? It is like pouring gasoline to extinguish a fire.

The Bank of Korea has raised the base rate for two consecutive months. It is currently at 3.0% per annum. While the Bank of Korea is raising rates to control inflation, the government is fueling inflation. This is truly a grotesque absurdity.

Moreover, the government is planning to establish a 'future response fund' of up to 162 trillion won, using the excess tax revenue from the semiconductor boom as an excuse. This means the government intends to bypass the National Assembly's budget control and spend money at will.

However, I have a question. If they have secured over 200 trillion won in excess tax revenue, why are they planning to issue an additional 106 trillion won in new national bonds?

If they are making money, why do they want to incur more debt?

When excess tax revenue comes in, the principle of the National Finance Act is to repay national bonds first.

If they manage finances as if they are 'living for today,' they will ultimately pass on debt to future generations. This is not future response; it is future plunder.

The excessive issuance of consumer coupons must also stop. Under the pretext of supporting livelihoods, they have distributed tens of trillions of won at every opportunity. However, the livelihood situation has not improved at all.

On the contrary, the opposite is true. Prices are rising. The pockets of ordinary citizens are becoming lighter. Ultimately, populism is a policy that robs the wallets of the common people.

Rising prices will return as a contraction in consumer sentiment and sluggish domestic demand. Take a look at the commercial districts in your constituencies. There are countless vacant properties with 'for rent' signs.

In such difficult circumstances for small business owners, last month the government announced plans to reduce tax deductions for small business card sales.

They are giving a little with consumer coupons while simultaneously reducing deductions to collect more taxes.

The state is using a trick of 'three for one' against the people.

Furthermore, the Lee Jae-myung government has significantly increased the proportion of domestic stocks in the National Pension Fund. It is natural for the KOSPI to rise when a whale is placed in a pond.

After artificially propping up the stock market, they intentionally delayed the rebalancing of the National Pension Fund.

Moreover, the minutes of the meeting where the target proportion of domestic stocks was raised have been classified until 2030. Have they not only used the citizens' retirement funds as leverage for populism but also concealed the process of such an absurd decision?

North Korea's Submissive Diplomacy Ends in a Hostage Crisis

Recently, Unification Minister Jeong Dong-young stated that North Korea's nuclear capabilities have increased by 100,000 times since 1992. While North Korea has strengthened its nuclear armament, what has the Democratic Party done?

They bowed to the enemy and offered money while begging for peace and an end to the war.

After the 2000 inter-Korean summit, President Kim Dae-jung declared, "There will be no war on the Korean Peninsula from now on." Yet, just two years later, the second Yeonpyeong Sea battle broke out due to North Korea's surprise provocation.

This shows that North Korea's peace offensive has been a scam from the beginning.

Since President Kim Dae-jung, the Democratic Party has consistently adhered to a submissive policy toward North Korea, resulting in sunshine turning into nuclear weapons. Our citizens have become hostages to nuclear arms.

The Democratic Party's submissive approach to North Korea has begun as a grand deception and ended as a hostage crisis for the public.

In contrast, North Korea is attempting to use its nuclear capabilities as leverage to divide the U.S. and South Korea. Former President Trump unilaterally informed South Korea of the reduction of U.S.-South Korea joint exercises amid unstable U.S.-South Korea relations.

Yet, President Lee praised this as an effort for peace, expressing 'respect.' This is truly lamentable.

Government and ruling party politicians cannot even answer where the enemy is. Even the Unification Minister suggests replacing the term 'enemy' because it is a hate expression. Do they think that deleting the term 'enemy' will make North Korea a friend?

President Lee has stated that he will complete the transfer of wartime operational control during his term, mentioning that South Korea's military strength ranks fifth in the world, claiming, "Our military strength is overflowing."

In a situation where North Korea possesses asymmetric power in the form of nuclear weapons, the commander-in-chief boasts about conventional forces.

In the past, South Vietnam did not fall due to a lack of troops and weapons but because it rotted from within.

Look at what the South Korean Ministry of National Defense is doing. Even as spies roam freely, they are dismantling the counterintelligence agency. They are attempting to dismantle the military academy out of animosity toward the military.

While North Korea is armed with nuclear weapons, our military is on guard with batons and empty guns.

How can we talk about the transfer of operational control when we have ruined our military?

The more President Lee allows the military to rot from within, the more Kim Jong-un will rejoice.

The Government's Top Priority is to Clear the President's Name

Currently, the government's and ruling party's top priority is to clear the president's name.

In February, 105 Democratic Party lawmakers joined a group for prosecution cancellation. The co-representative of this group is Kim Seung-won, the candidate for the party leadership.

In April, the Democratic Party proposed a special law for prosecution cancellation. In June, the Ministry of Justice launched the 'Future Committee for Respecting Prosecutorial Human Rights,' which included six cases in which the president was indicted as subjects for investigation.

In July, the ruling party unilaterally passed a bill to abolish supplementary investigative rights, which included prosecution dismissal.

In August, Kim Min-seok, a candidate for the Democratic Party leadership, stated that if he became the leader, he would cancel the president's trial.

With this constant shouting for prosecution cancellation and dismissal, isn't this the top priority of the government?

They are also preparing for the possibility of failure in deleting the trial. In February, they passed a bill to increase the number of Supreme Court justices to 26. Now, the president can appoint 22 justices during his term.

The Blue House has rejected the written recommendation of Chief Justice Jo Hee-dae for justices and demanded a re-recommendation.

This is a preemptive maneuver to allow the president to appoint justices at will, meaning he wants to choose the judges for his own trial.

The president has clearly violated Article 104, Section 2 of the Constitution. This is an unconstitutional act and a violation of the separation of powers.

Furthermore, the president has mentioned a constitutional amendment for a two-term system. However, he has never said he will not seek re-election or that he will face trial.

Is he intending to extend his term through constitutional amendments and delay his trial through this? Is he using constitutional amendments as a tool to clear his name?

The People Power Party clearly states: there will be no constitutional amendment under this government. We will never discuss amendments with those who clearly commit unconstitutional acts for personal gain.

As public sentiment turned against the discussion of constitutional amendments, the president has once again brought up the card of abolishing the crime of breach of trust. This is an attempt to erase the charges against him in his trial.

In other words, the government and ruling party are preparing for various ways to eliminate the president's trial, whether by abolishing it, appointing judges, delaying it, or deleting charges. They are digging multiple escape routes.

There is a saying that a cunning rabbit digs three burrows. This means that for a rabbit, survival is at stake, so there is nothing to criticize.

However, when the president of a country destroys the rule of law solely for his own benefit, it is a serious issue.

While the public is calling for the resumption of the president's trial, the majority of citizens support this. The president has already received a Supreme Court ruling that overturned his conviction for violating the Public Official Election Act. His guilt has been confirmed. Only formal procedures remain.

I appeal to the judiciary: please resume the president's trial.

The more power compromises with cowardice, the more the regime's henchmen will seize control of the judiciary.

Protecting the honor and pride of the judiciary is simply fulfilling its original role. Immediately resume the five trials of President Lee Jae-myung.

We Will Establish Alternatives Against the Era of Concealment

Dear citizens,

Just as corrupt police conceal cases, the president is trying to conceal his trial.

With populist policies burying the future and anti-business policies undermining national competitiveness, the election commission has concealed citizens' voting rights. The state is flirting with the enemy while concealing national security.

South Korea is now facing an 'era of concealment.' The rights to life, safety, property, and voting of the citizens are being concealed. The term 'people's sovereignty government' is utterly inappropriate. It should be called the 'people's concealment government.'

Moreover, the president wields power like a dictator, constraining citizens' freedoms and attempting to reign above the law.

Additionally, he is recklessly wasting finances. He is piling up more debt on top of national debt, truly conducting a 'revolution of debt.'

Ultimately, he is even toying with the card of constitutional amendments to extend his term.

Politics resemble Hitler, economics resemble Chavez, and terms resemble Putin. This is the Lee Jae-myung regime.

Dear citizens, the People Power Party will take a completely different path from the Democratic Party. We will make seven promises to protect the people.

We will restore public safety that has collapsed. We will revive supplementary investigative rights.

We will abolish inheritance and gift taxes between spouses. We will eliminate taxes on overtime work. We will introduce new savings accounts to help young people build assets.

We will properly monitor the bloated and arrogant election commission. We will abolish the poorly managed pre-election system and consider extending the voting period.

We will eliminate regulations on private redevelopment and reconstruction to significantly increase housing supply. We will ensure that single-homeowners do not have to worry about taxes. We will provide tax exemptions and low-interest loans for first-time homebuyers among young people and newlyweds.

We will strengthen the independence and expertise of the National Pension Fund Management Committee to block government intervention and ensure it operates based on profitability and stability.

We will abolish the reduction of old-age pensions based on earned income. We will ensure that seniors do not suffer losses in their pensions simply because they work.

We will redefine the roles of the National Pension, basic pension, and retirement pension to provide robust protection for those in need and create a sustainable pension system that young people also agree with.

When excess tax revenue arises, we will repay national debt first. We will not pass on debt to future generations. We will also improve the foreign national pension contribution system and introduce the principle of reciprocity across all social insurance.

We will support military service experience certification to assist with job experiences performed in the military.

We will repay the dedication of our national heroes to the end. We will at least double the honorarium for veterans to enhance their treatment.

In response to North Korean provocations, we will seek measures to secure nuclear deterrence through U.S.-South Korea nuclear sharing, redeployment of tactical nuclear weapons on the Korean Peninsula, and training for F-35 fighter jets to carry tactical nuclear weapons.

We Will Bring Hope to the People

Dear citizens,

Conservative Edmund Burke stated that society is a contract not only among the living but also with the dead and those yet to be born.

It is the essence of conservative politics to cultivate the legacy inherited from our predecessors and pass it on to future generations in a better state.

We will fight against the politics of ideology that destroys the national system with empty delusions. We will combat populism that plunders the future.

We will resist the vile tyranny that sacrifices the entire nation for the benefit of a single power holder.

Above all, we will not forget our gratitude to the older generation and our responsibility to future generations.

We will protect the hope of the people. Thank you for your attention.

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