President Yoon Says People Need to Wake Up from “Fantasy” that Government Spending Will Solve Economic Crisis
Good luck trying to get people to believe this, though the inflation crisis I think is starting to make realize that giving out free money maybe is not a good thing:
President Yoon Suk-yeol sounded the alarm on the country’s fiscal health on Thursday, saying people should wake up from the “fantasy” that increasing government spending will automatically improve people’s livelihoods.
Yoon made the remark while presiding over a fiscal strategy meeting with members of the government and the private sector at Chungbuk National University in Cheongju, 112 kilometers southeast of Seoul.
“We must wake up from the fantasy of fiscal universalism,” Yoon said, describing it as the belief that if the government spends more of its budget, “automatically, the economy will grow and people’s livelihoods will improve.”
“In order to overcome the people’s livelihood issues and fiscal crisis that we face, the government has to be the first to tighten its belt,” he added.
The finance ministry unveiled plans to reduce the fiscal deficit to a size equivalent to less than 3 percent of the gross domestic product (GDP), from the 5.1 percent estimate for this year, and to cut the debt-to-GDP ratio to around “the midpoint” of the 50 percent range by 2027 to help slow the pace of the national debt.
Yonhap
You can read more at the link.
In point of fact, Government (over)spending is what causes inflation.
Yoon is right, so he will be excoriated by the CCP-bought media.
President Yoon, et al.,
How about government go find something else to do.
How did Korea come back from the 1990s Asian Meltdown so quickly?
Government left everyone alone.
Needless laws and rules were abandoned. It was a great time to do business.
Korea gets tighter and tighter every year on restricting economic freedom.
Let there be economic freedom and Korea will become last century’s Hong Kong.
Keep chiseling away at the ability for people to make their own economic way and you get today’s Zimbabwe.
The market can solve a lot of problems government just makes worse.
Perhaps the little guy needs some protection from the institutional predators… but it is the predators which get protected when the government gets involved.
Back off a bit and let the economy build itself.
excoriated by the CCP-bought media.
And which Korean media, according to your conspiratoral mind, do you think have been “bought” by the CCP?