The People Power Party condemned Lee Jae-myung, the Democratic Party of Korea's presidential candidate, on the 18th for his so-called "hotel economy theory," calling it a "meal-and-run economy theory" and a "pseudo-no-show economy theory."
Chairperson Yoon Hee-suk of the People Power Party criticized the candidate Kim Moon-soo's "economic pledges" after they were announced in the morning, labeling Lee's "hotel economy theory" as "an irresponsible meal-and-run economy theory."
He noted, "This means that it is trying to pull a 'meal-and-run' on the Korean economy. It may seem like something is happening for a moment if you pour in funds recklessly, but the aftermath will cause all citizens to suffer after their term ends."
Emphasizing that Kim Moon-soo's approach is different, the People Power Party candidate highlighted this.
Chairperson Yoon explained, "It is not important to just pour in money right now; what is important is creating an economic environment that allows all citizens to fully develop their talents and thrive by loosening the regulations that civil servants hold power over."
Chairperson Yoon emphasized, "The Democratic Party's pledge is about spending money without discussing how to make the tax base run. There isn't even a single mention of easing regulations to better move people and corporations. That is a lie. To expand the tax base, it requires lowering taxes, abolishing regulations, or implementing plans that open up the current economy's breathing spaces."
Kweon Seong-dong, the floor leader of the People Power Party, also lambasted the "hotel economy theory" as "an absurd pseudo-economic theory."
He stated on Facebook that this notion of "a hotel can go bankrupt due to no-shows" is ludicrous, revealing a distorted understanding of the market economy as merely a mechanism of multi-level fraud.
He also pointed out Lee's remarks on the "cost of coffee," saying, "Cost refers to all the expenses incurred in producing and selling a product. It seems the candidate understands the coffee cost as merely an abbreviation for 'bean price,' but with such a level of economic knowledge, how can he lead the country's economy?"
He emphasized, "Self-employed individuals directly running businesses and ordinary citizens living their daily lives instinctively recognize that Lee Jae-myung's cost theory and no-show economy theory are ridiculous 'pseudo-medicine merchant theories.' In a Korea under Lee Jae-myung, hotels will fail, cafes will fail, and markets will fail, but if Kim Moon-soo is in charge, corporations can survive, jobs will increase, and markets can be revitalized."
Song Eon-seok, chair of the National Assembly's Planning and Finance Committee and a member of the People Power Party, also harshly criticized Lee's "hotel economy theory" on Facebook the previous day, calling it "a play on words economics."
Song pointed out, "Such an emotional and ignorant perception could lead to reckless expansion of national finance and populist policies." He further emphasized that during Kim Moon-soo's time as governor of Gyeonggi Province, he attracted major companies like Samsung Electronics and developed new cities like Gwanggyo and Dongtan, making him a 'proven leader.'
Previously, on the 16th during a campaign in Gunsan, Lee mentioned, "A traveler pays a 100,000 won deposit to a hotel, and the hotel owner uses that money to pay off a furniture store's debt. The furniture store owner buys chicken at a chicken restaurant. The chicken restaurant owner purchases items from a stationery store. The stationery store owner pays off debt to the hotel. Then the traveler cancels the reservation and leaves after receiving a 100,000 won refund." This logic claims that while the consumer has not actually spent any money, the 100,000 won deposit generates economic value as it circulates through nearby small businesses and self-employed individuals.
Lee also stated at the same campaign venue, "I can charge 8,000 to 10,000 won for a cup of coffee, while the cost is 120 won." There are growing criticisms on online communities about a lack of understanding regarding cost structures.