SEOUL, In a town hall meeting held in Seoul on Wednesday, President Yoon Suk Yeol stood in defense of his administration's fiscal restraint policies, asserting their necessity in safeguarding the general populace from the detrimental impacts of escalating inflation rates.
According to Yonhap News Agency, details from the gathering, President Yoon engaged with a diverse assembly of around 60 citizens, which included housewives, office workers, and proprietors of small businesses. The event took place at a book cafe situated in Seoul’s Mapo Ward, and simultaneously served as the 21st session of the emergency economic and public livelihood meeting, spearheaded by Yoon himself.
During the meeting, President Yoon conveyed the complexities and financial burdens associated with his presidential role, emphasizing the challenges in managing the nation’s finances without excessively enlarging the budget. “Being president really isn’t a walk in the park, especially when financial considerations are at stake. The question remains, who will bear these financial responsibilities? Relying on our existing finances means we cannot afford to substantially increase our budget. If we were to significantly boost government expenditure, it would inevitably lead to inflation,” Yoon explained.
These remarks follow Yoon’s budget address to the National Assembly on the preceding day, wherein he declared his administration’s unwavering commitment to price stabilization and the enhancement of public livelihoods. Yoon assured that the government would adhere to prudent fiscal policies in the coming year, with the aim of preventing the transference of debt to future generations.
The proposed government budget for 2024 stands at 657 trillion won (approximately US$487 billion), marking the smallest year-on-year increase since 2005. The total budget reflects a mere 2.8 percent increase from the 638.7 trillion-won budget allocated for 2023.
President Yoon underscored the importance of reallocating the budget to minimize superfluous spending, while simultaneously amplifying support for those in dire need. He acknowledged the potential for discontent among individuals affected by reductions in benefits, stating, “I have made my position clear: I am in politics to serve the people, particularly those who are in need, not for electoral gains. Regardless of the circumstances, I am prepared to assume full responsibility as the President, as well as for the government I lead, and I intend to listen attentively to the concerns raised today.”