Jung Jeongsik: "Crying Over Real Estate, Betrayed by Stocks... Policies Are Plundering People's Lives"

"No discussion of constitutional amendment under this administration... Lee Jaemyung's trial must resume"
"Populism is plundering the future generation... Expansionary fiscal policy must stop"
"An era of amjang (utter darkness) for Korea... Safeguarding people's lives, property, and suffrage"

Jung Jeongsik, Floor Leader of the People Power Party, urged the government to shift its overall economic policy direction, saying, "During the one year and three months of the Lee Jaemyung administration, the people have suffered from the real estate market and have been deceived in the stock market," and called for the complete abolition of real estate policies that he said are plundering people's lives. He delivered these remarks in his speech representing the negotiating groups at the National Assembly on the 8th.

Jung pointed out that within just one year of the administration's launch, apartment prices in Seoul rose by 11%, and that the 'triple increase' in sales, deposit-based rent (jeonse), and monthly rent prices is spreading throughout the metropolitan area.

Jungsik Jeong, floor leader of the People Power Party, is delivering a negotiation group representative speech at the National Assembly plenary session on the 8th. 2026.09.08 Photo by Dongju Yoon

He argued, "The belief that real estate prices are rising because of speculators is a delusion. The result has been a crackdown on private redevelopment and reconstruction projects, along with excessive loan regulations and tax burdens. Multi-homeowners have been demonized, but in reality, they are providers in the housing market. When supply is blocked, a steep price surge is inevitable."

He also criticized the government's policies on jeonse (lump-sum rental deposits). Jung said, "The government and the ruling party have kicked away the housing ladder, proposing that young people live in converted scrap buses and install bathtubs in goshiwons (small, low-cost rooms). Why are the benefits of the systems we once enjoyed being denied to the younger generation?"

On capital market policies, he argued that after the listing of single-stock leveraged ETFs, market volatility and investor losses have increased. He further called for a parliamentary inquiry and a special prosecutor investigation. Jung said, "The government has managed financial policies like a stock-trading chatroom, driving volatility to extremes. Some citizens invested their startup funds, marriage funds, and jeonse deposits in the KOSPI based on government statements and lost everything."

He described the government's expansionary fiscal policy as populism that shifts the burden to future generations. Jung pointed out that while the government is proposing a budget of 820 trillion won and pushing for the creation of a future response fund worth up to 162 trillion won, it also plans to issue 106 trillion won in new government bonds.

He stated, "If there is excess tax revenue, the first step should be to pay off government bonds—that is the principle under the National Finance Act. If fiscal management continues with a 'live only for today' attitude as it does now, the debt will inevitably be handed down to the next generation. This is not preparing for the future—it is plundering the future."

Jung also drew a clear line regarding Minseok Kim, leader of the Democratic Party of Korea, raising the need for constitutional amendment in his speech the previous day. Jung asserted, "There will be no constitutional amendment under this administration. We will never discuss constitutional reform with forces who seek personal gain through unconstitutional acts and constitutional amendments."

He strongly opposed the abolition of the prosecution's supplementary investigation rights under the recent criminal procedure law amendment, stating, "The Democratic Party has opened the gates of hell by abolishing the prosecution's supplementary investigation powers out of hatred and a desire for revenge. This distortion of the judicial system will lead to insufficient investigations, which in turn will cause pain for the people."

Regarding the recent cabinet reshuffle, he targeted Kim Seungwon, nominee for Minister of Justice, and Yong Hyein, nominee for Minister of Gender Equality and Family. Jung referred to Kim as "the head of the group calling for the withdrawal of the President's indictment, as well as a party to the new drug fraud allegations," and criticized Yong as "the symbol of privilege and unfairness, seeking to hold both proportional representative seats and ministerial positions twice."

Finally, Jung defined the current circumstances since the inauguration of the Lee Jaemyung administration as an "era of amjang (utter darkness)." He said, "This government should be called the 'amjang administration' in terms of protecting the people's lives, property, and suffrage." The People Power Party presented seven alternatives, including the restoration of prosecutors’ supplementary investigation rights, the abolition of real estate regulations, tax relief for single-homeowners, and prioritizing repayment of national debt.

This content was produced with the assistance of AI translation services.