SEOUL - The Korea JoongAng Daily editorial on November 17 reported a surge in populist pledges by South Korea's major political parties, the governing People Power Party (PPP) and the majority opposition Democratic Party (DP), as they prepare for the 2024 elections. The PPP recently proposed a plan to increase the budget for "40 programs across five key areas." This includes offering half-price ferry vouchers during national holidays like Chuseok or the Lunar New Year, as part of their strategy to assist people in pre-emptively responding to the climate crisis.
According to Yonhap News Agency, The PPP's proposed expenditures extend to various novel initiatives. They plan to offer substantial cash incentives to young interns working in regions outside their hometowns and increase financial aid for medical costs, particularly in areas like knee surgery for the elderly. The party also aims to expand dental implant insurance coverage for senior citizens. These measures are part of PPP's broader objective to reduce financial polarization among the older generation.
Additionally, the PPP, led by Kim Gi-hyeon, has proposed a "1,000 won [77 cents] breakfast for college students," intending to extend this benefit to all universities soon. On the other hand, the DP has announced plans to support five areas directly impacting people's livelihoods, including a 30,000 won monthly pass for public transportation. Under DP leadership, each standing committee is actively increasing budgets in various sectors. The party has reinstated a 140 billion won budget for infrastructure development in Saemangeun and doubled funding for vouchers for regional products, a move strongly advocated by its leader Lee Jae-myung.
Despite an anticipated 60 trillion won deficit in this year's tax revenue, both parties are engaged in an extensive spending spree. Most of these programs are considered non-urgent and exceed established budgetary limits. With less than five months until the April election, populist budgets are flourishing. The editorial expressed disappointment in the PPP's response to the DP's spending push, noting that such actions render the conservative government's planned "stingy budget for next year" ineffective. The editorial questions how President Yoon Suk Yeol's administration and the PPP intend to maintain the fiscal integrity that the president has repeatedly promised, especially in the context of stopping the practice of "buying votes with money."