Jeong Jeomsik on President Lee's Budget Address: "An Election Response Fund? ... We'll Scrutinize It with a Fine-Tooth Comb"

Jeong Jeomsik, floor leader of the People Power Party, said on November 2, referring to President Lee Jae-myung’s policy speech on the 2027 budget bill, “In a word, it is a declaration of future plunder, marked by populism and fiscal addiction. The president has declared war on the future of the Republic of Korea,” adding, “Rather than agree to an irresponsible budget bill, we will subject it to razor-sharp scrutiny.”

Jeong Jeomsik, floor leader of the People Power Party, speaks at a press conference at the National Assembly on Nov. 2 regarding President Lee Jae-myung’s policy speech on the 2027 budget bill and fund management plan. Nov. 2, 2026. Photo by Yoon Dongju.

Jeong held a press conference at the National Assembly that afternoon and, regarding the Future Response Fund in the budget, said, “Why hold onto 104 trillion won in surplus funds instead of using it to repay national debt? Is it to spend money right before the 2028 National Assembly election? Is it a Future Response Fund or an Election Response Fund?”

Regarding President Lee’s statement that the national debt-to-GDP ratio would fall from 51.6% this year to 48.3% next year, Jeong said, “This is a temporary optical illusion caused by the semiconductor boom,” adding, “National debt, which stands at around 1,400 trillion won this year, will rise to about 1,730 trillion won by 2030.”

On the Future Response Fund, he said, “It is an irresponsible, extreme, populist budget. Using the temporary increase in tax revenue from the semiconductor boom as an excuse, it has created a structure of continued spending increases,” adding, “The National Assembly Budget Office said there would be no additional tax revenue from 2029 onward. This is a future debt-fueled spending spree.”

Regarding items other than the Future Response Fund’s surplus funds, he said, “The 18.3 trillion won is nothing but a relabeling of existing programs, most of it consists of populist cash handouts, and the budget to expand semiconductor production capacity amounts to just 2 trillion won,” criticizing the plan as one to “extort money from businesses and throw a lavish spending party.”

Regarding President Lee’s remarks on inequality and polarization in his speech, Jeong said, “An era of 3 million won monthly rents is approaching because of frenzied real estate regulations, and the KOSPI has become a graveyard for retail investors amid the liquidity fueled by the government, including hastily introduced single-stock leveraged ETFs,” adding, “If I had to name just one cause, it would be President Lee himself.”

Referring to President Lee’s remark to Chief Justice Cho Hee-dae during an informal pre-event conversation, asking, “Are you doing well?”, Jeong said, “I don’t know whether he lacks empathy, but he is truly frightening,” adding, “I cannot understand how he could say that to his face when the ruling party he is directing from behind the scenes is so vigorously undermining judicial independence.”

Regarding President Lee’s remark, made as he walked past a People Power Party protest rally, to the effect of, “What are you so dissatisfied about?”, Jeong cited the president’s recent social media remarks and said, “It is deeply regrettable that the president views the opposition’s criticism as obstruction and dissatisfaction,” adding, “He must stop this kind of conduct.”

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