Jin-Hyung Joo, Supreme Member of the Open Democratic Party. Newsis
The top member of the Open Democratic Party, Joo Jin-hyung, an economic expert who was a financier, criticized the government’s passive fiscal policy, saying, “I chose the wrong prime minister for the economy.”
In an interview with KBS Radio’s’Kim Kyung-rae’s strongest current affair’ on the 29th, the State Supreme Commissioner opened his speech, saying, “It’s very confusing and a little boring. I feel like I’m going round in almost the same discussion.”
He criticized, “If you say so-called external shock, there was a kind of war,” he criticized. “There was a war, and if there is no money for it, it is frustrating to anyone who talks about it.”
Hong Nam-ki, Deputy Prime Minister of Economy and Minister of Strategy and Finance, is speaking at the high-ranking party government meeting held at the Yeouido National Assembly in Seoul on the morning of the 20th. Reporter Oh Jong-taek
He said, “Korea is the most passive country when it comes to using fiscal policy to control the economy,” he said. “The bureaucrats are also a country that I don’t know well about the economic implications of fiscal policy, especially spending policy.”
When asked about the background of passive fiscal expenditure, the state’s highest commissioner said, “Is it incompetent of the government, is it that the bureaucracy doesn’t move, or is there really no money?” I fired a direct bullet.
He said, “As I said before, Korea is not familiar with macroeconomic policies that basically regulate the economy through fiscal expenditure. People like Hong Nam-gi, so to speak, are from accounting or budget,” he said. “I think that the deep way of thinking from the book accountant, “is it always shrinking when it bursts or people are taking our money without thinking,” he said.
The state’s top commissioner also pointed out that Korea’s fiscal soundness has risen in the midst of Corona 19. He said, “In a table published by the Organization for Economic Cooperation and Development (OECD) last year, Korea ranked second in fiscal soundness. Rather, the ranking went up further. Last year, it is reported that it used 4.2% of GDP (Gross Domestic Product). And even Germany used 6.3%,” he stressed the necessity of aggressive fiscal expenditures, saying, “There is no reason why Korea, which has a much lower debt ratio, can use them, too.”
The State Supreme Commissioner also said about the legalization of the loss guarantee system, “I think it was a concept that was created by creating a justification for opening the money line because the government holds the money line and does not give it,” he said. “If the government decides on fiscal expenditure, you can give it accordingly. “It’s much easier to become rigid if the state does it for certain obligations.”
Regarding the controversy over the resumption of short selling, it has contributed to the’resume’. “The system of short selling is a very important and essential function in the capital market.” “It is frustrating whether politics has been involved in technical issues.”
Reporter Lee Hae-jun [email protected]