Seoul: Lee Jae Myung's recent partial Cabinet reshuffle, announced on Sunday, is aimed at revitalizing his administration following a significant drop in his approval ratings. The reshuffle, however, appears insufficient in addressing the underlying policies driving public discontent.
According to Yonhap News Agency, the most notable changes in the Cabinet involve the replacement of key officials responsible for real estate policy-a major point of contention for the public. The Lee administration's controversial real estate policies, including harsh tax reforms and unfulfilled projects like the transformation of Yongsan Park into a housing complex, have led to market instability. The simultaneous replacement of the finance and economy minister and the land, infrastructure and transport minister is perceived as a reprimand for these issues.
Despite this, the ultimate responsibility for the real estate policy lies with Cheong Wa Dae and Kim Yong-beom, the presidential policy chief. Kim has been instrumental in implementing the punitive tax measures and housing supply policies that have sowed confusion. He has also faced opposition calls for his removal due to the introduction of high-risk single-stock leveraged ETFs, which resulted in significant losses for domestic investors.
However, Kim Yong-beom retained his position while the two ministers were replaced. The nominated successors are vice ministers from the outgoing administration, suggesting that the policy direction will remain largely unchanged.
The reshuffle has done little to quell public dissatisfaction, especially with the controversial nomination of Kim Seung-won as justice minister. Kim, a Democratic Party of Korea lawmaker, has been criticized for his efforts to abolish the prosecution's investigative authority and his involvement in pushing for the withdrawal of indictments in cases involving President Lee. Further complicating matters, the party plans to legislate a special counsel bill perceived by the opposition as a tool for indictment withdrawal.
Polling data highlights the urgency of the situation. A Gallup Korea survey indicates that Lee's job approval rating has plummeted to 42 percent, the lowest since he took office. The public is particularly displeased with the administration's real estate policy, which many view as excessively punitive and restrictive.
The decline in Lee's approval ratings is attributed to policies that exacerbate public anxiety, characterized by unilateral governance, legislative overreach, and a disregard for risk warnings. Without a substantial shift in policy direction, mere personnel changes are unlikely to restore public confidence.