The Democratic Party of Korea will establish a party-level 'price management task force (TF)' to support the Lee Jae-myung administration's policy for recovering the people's economy. They also plan to quickly pursue the formation of a supplementary budget to increase consumer spending in small business sectors.
Park Chan-dae, acting party leader and floor leader of the Democratic Party of Korea, said at the Supreme Council meeting held at the National Assembly on the 9th, 'We will form a price management TF and swiftly prepare measures that people can feel in their everyday lives through consultation with the government.'
Park, the acting leader, noted, 'Following last week's halved economic growth forecast, it appears that prices people experience remain high,' adding, 'Processed food prices have maintained a 4% increase for two consecutive months, and dining out prices have continued to rise in the 3% range for four months.'
In addition, 'When asked about the most urgent people's issue for the next government before the presidential election, 6 out of 10 citizens prioritized price stability,' Park emphasized, 'As the ruling party, the Democratic Party of Korea will fully support the government's efforts as price stability should be the starting point of stabilizing people's livelihoods.'
Related to the second supplementary budget, which President Lee Jae-myung pushed forward immediately after taking office, the Democratic Party of Korea will also move to support it. The party suggested at the beginning of the year the supplementary budget size as 35 trillion won. Considering the first supplementary budget was 14 trillion won, the second supplementary budget is expected to be 20 to 21 trillion won. The second supplementary budget is expected to include people's livelihood recovery support funds, regional love gift certificates, and support for small business owners and self-employed individuals.
Acting Leader Park stated, 'Along with price stability, we will also push for a supplementary budget for economic recovery. Now, when consumption is reduced, and small business sectors are stagnant, it is necessary to increase consumption to recover the economy,' adding, 'The state's financial input for economic recovery will be the priming water for economic circulation and a significant backbone in people's lives.'
He continued, 'As the People Power Party promised a 30 trillion won supplementary budget during the presidential election, we ask for rapid and bipartisan cooperation for the people's livelihoods,' adding, 'We will focus on swiftly processing the supplementary budget for economic recovery and ensure necessary funds reach the field.'