President Yoon’s Popularity Drops to New All-Time Low
He hasn’t been President very long, but a 32.5% approval rate is definitely something for the Yoon administration to be concerned about:
President Yoon Suk-yeol’s approval rating fell to 32.5 percent, with his disapproval rating rising to nearly twofold of his approval rating, a survey showed Wednesday.
Korea Times
The Rnsearch poll of 1,045 voters conducted from Saturday to Tuesday showed 32.5 percent of respondents approved of the way Yoon handled state affairs while 63.5 percent gave a negative assessment.
Yoon’s approval rating, which came in at 52.5 percent four weeks earlier, has been trending lower in the past month. After falling to 42.6 percent in the same poll a week ago, it plunged 10.1 percentage points to 32.5 percent this week.
In the same period, those who were unhappy with Yoon’s performance jumped from 43 percent to 63.5 percent.
The latest poll comes amid growing concerns over the economy and political turmoil at the ruling People Power Party (PPP).
Korea has been grappling with rising inflation and global supply chain disruptions, which prompted the central bank to deliver an unprecedented 0.5 percentage point rate hike early Wednesday.
You can read more at the link.
Being a leader seldom means making the best choice.
It frequently means making the least worst choice.
President Yoon is going to be faced with a choice in which both options are so terrible, he cannot win.
To tame inflation, he must raise interest rates
But many (most?) Koreans (foolishly) are “buying” their apartments through interest payment-only variable rate loans with any equity generated by apartment price bubble and a tax structure that ensures those gains only remain on paper.
This is a recipe for disaster 20+ years in thr making.
There can be no winners here.
Good luck, President Yoon.
@Chickenhead, this week the interest rates in Korea went up by .5%. If interest rates keeping going up, over time this should reduce demand in the housing sector which in theory should bring down housing prices which people were complaining about during the Moon administration. However, to get there will be painful and Yoon will be the one taking all the blame.
Yoon has also been prepping people that the days of free government money being handed out is over. This will also likely impact his approval rating. Yes he is definitely in a tight spot just like every other world leader right now dealing with the bad economic conditions.
This is what happens when you have to clean up a commie moon dumpster fire of a government.
Sadly, this is going to be repeated around the world.
“this should reduce demand in the housing sector which in theory should bring down housing prices which people were complaining about during the Moon administration”
Which SOME people were complaining about.
Who was complaining about housing prices? Was it the large number of people who did everything right and played by the rules and only have equity due to rising housing prices because of their variable-rate interest-only loan?
These people are going to be upside-down on their mortgages if housing prices fall. And, since most people buy the most house they can afford, if their monthly payment goes up, they they may not be able to afford a higher payment on a place worth less than they owe.
This is a different but equal disaster to lower middle-class never being able to afford a house.
An easier way to manage some of the housing price problem is to:
– abolish the tax when property changes hands
– abolish the tax when people sell a second property so they will put it on the market instead of holding it indefinitely while waiting for the government to abolish the tax that keeps them from selling it
No matter what happens, there are going to be some winners and losers.
If one understands the situation, makes a plan, and collects the resources, they can make the right choices.