-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, said, “Financial conditions and financial conditions must be considered as the fiscal situation is not fire and water.” When the politicians as well as the prime minister pushed to legislate compensation for losses, they expressed concern, saying, “The national debt will exceed 1,000 trillion won for the first time next year.” Deputy Prime Minister Hong explained the fiscal difficulties one by one and pointed out the “strict duty imposed by the people” for fiscal management and set a corner in the political sphere.
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.” It is interpreted that it is said that while taking a step back to review the institutionalization of support for the self-employed, which is inevitable with enormous financial inputs, the company talked about the difficulties of financial management.
Deputy Prime Minister Hong said, “There are a lot of things to point out because it’s a’path that no one has been to’. In addition, according to a 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. Most are expected to be financed through the issuance of deficit government bonds.
On this day, Deputy Prime Minister Hong cited the outlook for national debt by year and appealed for financial difficulties. He said, “The issuance of deficit government bonds is expected to exceed 93.5 trillion won this year and 100 trillion won next year,” he said. “The total amount of national debt is expected to exceed 1,000 trillion won for the first time next year.” According to the government’s national fiscal management plan for 2020-2024, which the government introduced last year, the national debt this year will exceed 1,000 trillion won for the first time, from 956 trillion won to 1070 trillion won next year. The ratio of national debt to GDP is also estimated to rise from 47.8% to about 51%. 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 and the rate of growth are too fast. In addition, if an additional budget for compensation for self-employment is prepared, the era of 1,000 trillion won in national debt could be further accelerated. Political circles are pressing crossfire on the Ministry of Finance, which emphasizes fiscal soundness, such as criticizing Prime Minister Jeong Sye-gyun as a “reform insurgent”. 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 criticized him for being “lazy,” targeting government officials in the Ministry of Finance, who appeared on a radio broadcast and emphasized financial soundness. Lee Hae-chan, a former leader of the Democratic Party, also warned that, in the process of organizing the supplementary administration last year, “If you come out passively, you can tell him to withdraw.”
The reason why Deputy Prime Minister Hong, who has been pushed back by the politicians in succession to the legalization of loss compensation, has been interpreted as taking into account the complaints of internal staff members of the Ministry of Strategy and Finance, who have become public figures. A government official said, “Already, more than a third of the total budget is the welfare budget, but if self-employment support is legalized, the rigid budget will inevitably increase more than it is now.” There are many.”
Sejong = Reporter Song Chung-Hyun [email protected]
Sejong = Reporter Nam Kun-woo [email protected]
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