Lee says now is time to expand economic pie, rather than welfare
President Lee Jae Myung said Wednesday it is unrealistic to pursue both economic growth and welfare expansion for now, stressing that priority should be placed on expanding the economic pie rather than welfare. The president wrote the message on his X account, uploading a media column that argued the government's budget bill for next year relatively lacked spending on "distribution." "Giving up…
President Lee Jae Myung emphasized on Wednesday that focusing on economic growth should take precedence over expanding welfare. He argued that creating more economic opportunities and wealth should be the main priority, rather than increasing welfare payouts. In a message posted on his X account, Lee wrote that it is currently unrealistic to pursue both growth and welfare simultaneously, as the government's budget bill for the coming year appears to lack sufficient spending on welfare distribution.
Lee stressed that giving up economic growth in favor of expanding welfare is an unrealistic approach. He maintained that striving for growth and welfare expansion together is the ideal scenario, but acknowledged that it is not achievable at this time. The president reiterated that the government has not reduced welfare spending.
Lee expressed concern that failing to achieve sustained growth and potentially slipping into zero or negative growth could exacerbate economic polarization and even lead to a decline in welfare standards. He also noted that the government is actively considering ways to improve welfare policies, but acknowledged that further measures will require more time. Earlier in the day, the government had announced a record budget allocation of 820.9 trillion-won ($599 billion).
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
