DP chief Lee Jae-myung rejects 'populist' label over proposed cash subsidies

Politics

Published: 17 Apr. 2024, 17:45

DP chief Lee Jae-myung rejects 'populist' label over proposed cash subsidies

Democratic Party leader Lee Jae-myung leaves after attending the party's supreme council meeting at the National Assembly in Yeouido, western Seoul, on Wednesday. [NEWS1]

Democratic Party (DP) leader Lee Jae-myung on Wednesday proposed providing cash subsidies to revive people’s livelihoods, as promised during his recent election campaign, denying that the policy was "populist."

The remarks were seen as a response to President Yoon Suk Yeol’s comments during a Cabinet meeting held the previous day, where he warned against "indiscriminate cash support and populist policies that would ultimately ruin the country."

Yoon said economic populism "aligns with political collectivism and totalitarianism," further likening it to a drug.

"The country’s economy and people’s livelihoods are in a complete crisis," Lee said during the party’s supreme council meeting held at the National Assembly in Yeouido, western Seoul, on Wednesday.

Lee proposed multiple "urgent remedies" to recover people’s livelihoods, including a cash subsidy of 250,000 won ($180) per individual, as promised during the recent general election campaign.

"Inflation, high interest and exchange rates are worsening due to the situation in the Middle East, but the government is nowhere to be seen," Lee said.

The DP leader estimated that some 13 trillion won would be needed as a relief fund for people’s livelihoods, with an additional trillion won to alleviate loan interest for small merchants.

Lee's proposed remedy package also included increasing funding for small merchants at traditional markets by 400 billion won. Additionally, around 300 billion won would be needed to subsidize energy costs for small merchants, Lee said.

"Who would call a policy that is essential for the vast majority of the people populism?" he asked.

In the afternoon, the DP also held an unplanned meeting to assess the country’s economic situation.

Regarding the president’s remark on the election results, the DP leader said he began feeling "suffocated" after hearing them and added that he should be more thoroughly prepared.

During the Cabinet meeting on Tuesday, Yoon apologized to the people for the disappointing results of the general election, marking the first apology for his conservative People Power Party (PPP)’s crushing defeat last week.

Yoon apologizes for election defeat, accepts public sentiment

The president also promised to improve communications with the public, saying he "humbly" accepts public sentiment as expressed through the latest general election.

The DP criticized the president's comments, saying Yoon failed to reflect on why the PPP was defeated in the election and "only made excuses that the direction was right, but the performance was poor."

During its meeting on Wednesday, the PPP’s advisory group also blamed the president’s lack of communication for the party's defeats in the election.

Chung Ui-hwa, former National Assembly speaker and head of the PPP’s advisory group, stressed that "the president should change" and "the party should be more competent" to win the presidential election three years from now.

Meanwhile, the DP is set to elect a new floor leader for the 22nd National Assembly on May 3. DP spokesperson Park Sung-joon told reporters on Wednesday that there was an agreement to swiftly elect a floor leader to prepare for the upcoming parliament session. The DP’s incumbent floor leader, Hong Ihk-pyo, will serve until the 21st National Assembly ends on May 29.

The party's floor leader is typically selected from three or four-term lawmakers. Potential candidates include four-term Reps. Kim Min-seok, Seo Young-kyo and Park Beom-gye, and three-term Reps. Kim Byung-kee and Park Chan-dae.

BY CHO JUNG-WOO [cho.jungwoo1@joongang.co.kr]