Oh Sehoon: "Spending All Excess Tax Revenue Under the Lee Administration Would Bring National Disaster"

"Side Effects of Cash Handouts: Inflation and Rising Real Estate Prices"︎

On November 3, Seoul Mayor Oh Sehoon criticized President Lee Jae-myung's address to the National Assembly on next year's budget proposal, saying, "It is as clear as day that a national disaster will occur if the government uses the excess tax revenue—the additional revenue collected this year—in the way President Lee described yesterday."

Oh made the remarks to reporters after attending a policy forum titled "Finding a Path to Coexistence: World Heritage and the Future of Cities," hosted by the Seoul chapter of the People Power Party and the Seoul Metropolitan Government at the National Assembly Members' Office Building on November 3. He was commenting on President Lee's remarks about the Future Response Fund.

Seoul Mayor Oh Sehoon delivers welcoming remarks at a policy forum titled “Finding a Path to Coexistence: World Heritage and the Future of Cities,” hosted by the People Power Party’s Seoul chapter and the Seoul Metropolitan Government at the National Assembly Members’ Office Building on the 3rd.

"What the government announced is that it will spend all excess tax revenue under the Lee Jae-myung administration. It plans to use up the funds through populist cash handouts," Oh said. "The expected side effect is inflation, with rising real estate prices being a prime example."

"Economic experts are concerned that this could make the current phase of asset-market adjustment, which the president says he is enduring, last indefinitely," Oh said. "The government needs to heed these concerns and minimize the amount of public funds injected into the market."

"The economy always goes through cycles. There are times when the semiconductor industry is booming and times when it is in a slump," Oh said. "If South Korea's economy, which is overly dependent on semiconductors, ends up with Lee Jae-myung-style fiscal spending, the government will have to face tremendous criticism over a disastrous situation in a few years."

Asked about President Lee's remarks suggesting that the real estate market was in an adjustment phase, Oh said, "Hoping that the issue will resolve itself over time without a policy shift toward prioritizing actual residence is the most incompetent policy and one that deserves condemnation. This is not an issue to be avoided."

Oh also expressed his desire for conservative unity. "I will reach out to anyone in our party, including independent lawmaker Han Dong-hoon, and listen to their views," he said. "We plan to hold discussions on how to unite our efforts and lay the groundwork for victory in the general and presidential elections, while seeking reconciliation and unity."

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