(EDITORIAL from Korea JoongAng Daily on Nov. 2)
Lawmakers must curb discretionary spending and debt risks as they review the gov...
The National Assembly is set to review President Lee Jae Myung's 820.9 trillion won ($615 billion) budget proposal, marking the largest increase on record at 12.8 percent over this year's budget. While the government claims this spending is necessary to support livelihoods and stimulate future growth, critics argue it could conflict with tight monetary policy, fuel inflation, and increase interest rates, ultimately hurting vulnerable households.
A key concern is the proposed 162 trillion won Future Response Fund, which grants excessive discretion to the administration and allows up to 30 percent of the spending allocation to be changed without parliamentary approval. This fiscal irresponsibility risks imposing long-term burdens on public finances, with national debt projected to rise by another 321 trillion won over four years.
Lawmakers are urged to clearly redefine the fund's purposes and eligible programs, such as leaving excess tax revenue to repay government debt.
Brief written by urgent.news from Yonhap News's own syndicated text. Machine-written — may contain errors; check the original before relying on it.
