Song Eon-seok, the People Power Party's Emergency Response Committee Chairperson and Floor Leader. /Courtesy of News1

The People Power Party said on the 5th regarding the first supplementary budget proposal of the Lee Jae-myung government that it is "merely a budget explosion that has recklessly squandered the country's treasury under thorough political calculations."

Floor spokesperson Choi Su-jin noted in a commentary that "the Democratic Party ultimately pushed through a supplementary budget of 32 trillion won without consultation with the ruling and opposition parties," adding that "the Democratic Party that forced through the 'reckless supplementary budget' has undermined cooperation by turning it into a 'dictatorial budget.'"

She continued, "The supplementary budget includes a populist cash distribution in the form of consumption coupons, and the substantial welfare budget requested by the opposition has been thoroughly excluded," stating that "it is nothing more than blatant populism that tries to buy votes with the taxpayers' money, essentially 'election money distribution.'"

She also added, "The Democratic Party has resurrected the special activity expenses of the presidential office, which it had previously cut, as if nothing had happened," calling it "the height of hypocrisy and a typical behavior that turns national finances into a tool of politics."

The People Power Party also raised its voice in criticism of the government's promotion of a malignant debt forgiveness system, commonly known as a 'bad bank.'

Floor leader Song Eon-seok wrote on Facebook that "we must not create a country where only those who work hard are fools."

Leader Song pointed out that "a policy where the government pays off debts on behalf of individuals can only lead to moral hazard," adding that "while there are undoubtedly unfortunate cases among long-term defaulters, there are concerns that even gambling debts will be subjected to 'reckless forgiveness.'"

He stated, "Above all, forgiving the debts of foreigners with our citizens' taxes carries a high risk of discrimination against our citizens," and urged that it must be corrected immediately.

Spokesperson Choi criticized in a commentary that "irresponsible debt forgiveness packaged as goodwill ultimately returns the damage to the people, and we must not forget that it is a shortcut to undermining trust in society and the order of the market."

Meanwhile, the 'bad bank' focuses on the bulk purchase and subsequent incineration or adjustment of personal debts of 50 million won or less that have been in arrears for over seven years by a debt adjustment organization funded by the Korea Asset Management Corporation (KAMCO).

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