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Namki Hong “I need to compensate specially for the business restricted to corona business”
Governor Lee Jae-myung said on Facebook on the 15th, “Not when we are concerned about deficit finance and cling to the ratio of government bonds without any problems, but when we take advantage of the strength of having enough fiscal capacity compared to other countries to bridge the gap and revive the economy over the crisis. ”And urged the nation to provide disaster support.
Governor Lee said, “If a drastic fiscal expenditure policy is premised, an appropriate combination of disaster support policies such as screening and universal will be possible,” said Governor Lee. “Since the first was universal, and the second and third were selectively supported, the fourth stage was income support and economic revitalization. It is desirable to aim for the effect.”
Governor Lee said, “Apart from support (selection or universal) for the damage suffered by the people due to a disaster called Corona, the constitution called’special compensation for special sacrifices’ for the people directly affected by the government’s collective ban or business restrictions. According to the spirit, a proper’compensation’ system must be prepared quickly.”
Earlier, on the 15th, the government held a life defense committee with Prime Minister Chung, experts from various fields, and civic groups in attendance, and discussed the steps to keep distance. Discussions were made on extending social distancing until the 31st, and continuing measures to’prohibit private gatherings with more than 5 people’ and’restrict restaurant operations at 9pm’. When the news came out through the media, Governor Lee posted an article calling for such special compensation to Facebook.
In the morning of the 16th, Prime Minister Jeong Sye-gyun said, “The distance step is extended by two more weeks as it is.” We will continue to implement measures of’restriction of business’.” Prime Minister Chung appealed for a little more mobilization over the next month, but did not comment on a plan to support the affected industry on this day.
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Prime Minister Jung “I’m in a hurry, so let’s get over it? Not wise”
Even if the government provides self-employment support, it is showing difficulties in the national disaster subsidy method. Prime Minister Chung told his Facebook page on the 7th, “I hope we will get out of the single-celled debates such as’Let’s do more’ and’Let’s solve less’. It is neither wise nor fair to say’just let’s go’ because it is urgent.”
Deputy Prime Minister Hong Nam-ki and Minister of Strategy and Finance said, “If payment is unavoidable, selective support is preferable to national support,” said Governor Lee Jae-myeong and other political circles in the KBS Sunday Diagnosis on the claim of the 4th emergency disaster support payment. Marked. He added, “Because the government’s finances are also not in fire and water, it is desirable to provide thick support for the victims if it has limited resources.”
In academia, it is also argued that national disaster subsidies should be provided, but that the’corona murky zone’ group, such as public officials and public institutions, should be excluded (see E-Daily, January 14).
In an e-Daily interview on the 13th, Park Ki-baek, president of the Korean Finance Association (Professor of the Department of Taxation, Seoul City University) said, “Since the 2nd~3rd subsidy is the selection method, the blind spot and the controversy about equity have not ceased. In order to be supported, it is necessary to go with a national support method. The payment timing is better as soon as possible.”
Chairman Park said, “We give disaster assistance to the whole country, but we should exclude those in the corona 19 doldrums, such as public officials and public institutions.” “Public officials and public institutions have not reduced their salaries even in the Corona 19 situation. I hope that it will be paid to the public, but exclude groups that have not been damaged by coronavirus.”
Chairman Park said, “It is true that there is enough financial space now, but the rate of increase in national debt is fast.”
Earlier, the Ministry of Information and Communication announced fiscal rules to keep the national debt ratio below 60% of gross domestic product (GDP) and the integrated fiscal balance (gross income-total expenditure) below -3% of GDP. Chairman Park emphasized, “It seems weak that the Ministry of Finance will apply the fiscal rules from 2025 and put exceptions to the rules. If the economy recovers, the fiscal rules should be applied from next year.”