Namki Hong “Financial is not Hwasoo minutes”… Political Loss Compensation Act

-Regarding the controversy over the institutionalization of loss compensation for self-employed people who suffered damage from the novel coronavirus infection (Corona 19) crisis, Hong Nam-ki, deputy prime minister of the economy and the Minister of Strategy and Finance, was concerned that “it is a’unvisited path’, so there are many things to point out. When he pushed for the institutionalization of loss compensation as well as the politicians as well as the Prime Minister, he set up a corner saying, “Financial is not a matter of fire” and “The role of the country’s barnkeeper is a strict duty requested by the people.”

Deputy Prime Minister Hong said on his Facebook page on the 22nd, “I think that the legislative institutionalization of the loss compensation for (self-employed) business restrictions requires some form of response to the Ministry of Information and Technology. It is the call of the fiscal authorities to find out how much the financial resources will be.” He also said, “We will review in the direction of helping as much as possible, but as a fiscal authority, we will inform you of the difficulties and limitations.”

In addition, according to the bill issued by Democratic Party Rep. Min Byeong-deok, the cost of compensation for the loss of self-employed persons is expected to reach 98 trillion won in only four months. Deputy Prime Minister Hong took a step back to review the loss compensation system for self-employed people demanded by the politicians on the same day, but discussed financial difficulties by mentioning the outlook of state debt.

Deputy Prime Minister Hong said, “The issuance of deficit government bonds is expected to exceed about 93 trillion won this year and 100 trillion won next year.” According to the government’s 2020-2024 national fiscal management plan, the national debt this year will exceed 1,000 trillion won for the first time, from 956 trillion won to 1077 trillion 800 billion won next year. The ratio of national debt to GDP is also estimated to rise from 47.8% to about 51% next year. Compared to the state debt of 660 trillion won and 36% of national debt at the end of 2017, the first year of the Moon Jae-in administration, both the size of the debt and the rate of increase are too fast. In addition, if an additional budget for compensation for self-employment is established, the era of 1,000 trillion won in national debt could be further accelerated. On this day, Deputy Prime Minister Hong said, “The role of the barnkeeper is not the rights and authority of the Ministry of Equipment, but the strict obligations and vocations requested by the people.” Prime Minister Jeong Sye-gyun ordered the institutionalization on the 21st, saying, “It is difficult to find a country that has legalized (self-employment loss compensation)”, saying, “Reform insurgents” and “Is this country the country of the Ministry of Equipment”. Deputy Prime Minister Hong insisted on selective payment of disaster subsidies last year, but due to political pressure, he paid the subsidies to all the people. The second subsidy was also unnecessary, but it was finally paid. In the political world, there is a concentrated saturation on the equipment department that emphasizes fiscal soundness. Gyeonggi Governor Lee Jae-myeong pointed out to Deputy Prime Minister Hong in December of last year, “It is not a pride to save surgery expenses during the war, but that it is a low-level certification of Zaringobi.” He appeared on a radio broadcast this month and fired a direct hit at the Ministry of Equipment, saying, “I’m lazy.”

On this day, too, Deputy Prime Minister Hong, who emphasized’financial conditions’, faced a crossfire. Democratic Party lawmaker Song Young-gil pointed out on Facebook on the day, “What’s the use of the barn after the people’s lives are devastated and families are destroyed?” Democratic Party Rep. Min Byeong-deok, who initiated the Corona Loss Compensation Act, said, “It is not the country’s duty to pass the damage over to those who are specially sacrificing to not bear the national debt.” Chairman Kim Jong-cheol of Justice Party also said, “I indirectly criticized the active fiscal policy, saying that the national fiscal was not hwasubun, but a view of great concern.”

Sejong = Song Chung-Hyun [email protected] Nam Geon-woo / Choi Hye-ryeong reporter