South Korea’s Economic Problems Highlighted in the New York Times

The New York Times has taken notice of how progressive policies that have been championed in the US have not worked in South Korea:

INCHEON, South Korea — As President Trump leads a drive to slash taxes and pare back regulation, one major economy is taking a different approach. 
Under President Moon Jae-in, South Korea has raised taxes and the minimum wage in the name of economic growth. So far, it hasn’t worked out as planned.
Growth has slowed, unemployment has risen and small-business owners like Moon Seung are complaining. Mr. Moon, founder of an auto parts maker called Dasung in Incheon, an industrial town near Seoul, says his labor costs were up an extra 3 percent last year after the minimum wage rose to 7,530 Korean won, or about $6.70, an hour. That may not sound like much, but it ate into his razor-thin profit margin and prompted him to stop hiring.

“We can’t take it,” Mr. Moon said. “This is a problem not just for the employers, but for the employees.”

NY Times

You can read the rest at the link.