President Lee: "The Suffering of Ordinary Citizens Is Severe... Now Is the Time to Use National Finances"
President Lee Jaemyung emphasized on June 19, "Now is the time to use the national finances."
Regarding the second supplementary budget bill submitted to the Cabinet meeting that day, President Lee stated, "It seems that the suffering experienced by our ordinary citizens is very severe," and made these remarks. The supplementary budget bill submitted that day amounts to 20.2 trillion won and includes measures such as livelihood recovery consumption coupons, local love gift certificates, and debt adjustment for small business owners.
President Lee said, "Of course, the principles of sound fiscal management and fiscal balance are very important," but questioned, "Isn't there an essential role for government finances?" He continued, "When the private sector overheats, it should be restrained. When private sector activity is excessively sluggish, it must be supported. Right now, the slump is so severe that I believe the government's role is needed."
President Lee commented that "there will be much debate" regarding the content of the supplementary budget. This remark is interpreted as being conscious of voices arguing that the budget for people's livelihoods should not be distributed to all citizens, but rather should be provided differentially to small business owners and low-income groups. President Lee explained, "There are various opinions on what is more helpful for economic revitalization. Some say cash support is not effective, and that boosting the construction sector would be better. There will be differences depending on the purpose of the program."
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He went on to say, "This time, we will appropriately combine the two approaches: for income support, we will target low-income groups or those with a high consumption multiplier among low-income groups, and for the goal of economic revitalization, we will distribute support evenly."
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