President Yoon Vows to Cut Debt in 2024 Budget
I guess we will see if President Yoon actually follows through on debt reduction because it easy to say, but as we see with U.S. politicians, it is actually harder to follow through on:
President Yoon Suk Yeol cited reducing the national debt and stabilizing prices as his top priorities in an address to the National Assembly on Tuesday.
“The approach our government is taking in managing our finances is to avoid passing on unaffordable debts to the country’s future generations,” the president said in a budget speech delivered before the members of the Assembly.
“A sound fiscal policy is crucial to stabilizing prices in the long run and protecting our economic security,” the president said, adding that the International Monetary Fund has appraised his administration’s take on balancing the budget as heading in the right direction.
Yoon stressed that a sound fiscal policy was “not just about cutting down on spending, but about using taxpayers’ money more efficiently and responsibly, with efforts to not let a single dime go wasted.” He said that the budget would primarily be spent on strengthening the country’s essential functions such as national defense, education, health care and social security for the vulnerable.
Korea Herald
You can read more at the link.
He can start with cutting his own and his men’s salaries.
But oh wait, the same budget oversaw a 20% rise in their own salaries.
But he did cut defense, national research and development, science, support for small businesses, and education – all crucial components of Korea’s security and competitiveness. However, he pledged billions to spend on investing in American industries to hire American workers and arms aid to Ukraine.