[Editorial] Lee Jae Myung's Press Conference Fell Short; He Must Better Heed Public Expectations and Respond with Change

[Financial News] President Lee Jae Myung held a press conference for the public on the 18th at the Yeongbingwan State Guest House. Regarding his recent decline in approval ratings, President Lee said, "It is all because of my shortcomings." He said he had become so focused on delivering results that he failed to fully understand the public's sentiments, and that his fear and humility had also diminished. He offered his own assessment of the reasons behind the recent shift in public sentiment and outlined his position on the overall management of state affairs.
However, it is difficult to say that the press conference fully resolved the various controversies and issues that had been raised. On the issue of a constitutional amendment allowing consecutive presidential terms, he drew a relatively clear line. President Lee said that even if the Constitution were amended to allow an incumbent president to serve another term, it could not apply to him, adding, "I have absolutely no intention of seeking another term." Although he repeatedly stressed the need for constitutional reform, including the dispersal of presidential powers and the introduction of a consecutive-term system, he made clear that it would have nothing to do with extending his own term. Political discussions over such an amendment, which have continued, can now proceed on the basis of these remarks.
Although President Lee offered a more specific position than before on the controversy over the withdrawal of indictments, his response still fell short of public expectations. He asked the National Assembly to delete provisions that would allow a special counsel to transfer or dispose of existing cases and to focus solely on uncovering the truth. This can be seen as his drawing a line at giving the special counsel direct authority to withdraw indictments. However, he did not provide a clear answer on the principles that should govern the future handling of existing trials, including his own cases. The issue is likely to remain a source of continued disputes and confrontation.
It was also disappointing that he failed to offer a clear conclusion on the successive controversies over personnel appointments. Kim Seung-won, the nominee for minister of justice, is someone even progressive groups have deemed unqualified. His past record, including inappropriate solicitations and drunk driving, has generated considerable public distrust and criticism. On top of that, allegations have emerged that the nominee gave false testimony at a previous National Assembly confirmation hearing. Since the president avoided giving a definitive answer on whether to appoint such a nominee, suspicions are bound to arise that he may eventually push the appointment through anyway.
The same applies to solutions for the real estate market, which is directly tied to people's livelihoods. He did not go beyond a general response about rapidly increasing housing supply. His explanation of the process for introducing leveraged ETFs was also insufficient. During the press conference, President Lee repeatedly emphasized "the will of the people" and "public expectations." To demonstrate the sincerity of these words, he needs to present clearer positions and pursue renewal. A Gallup Korea Research Institute poll conducted from the 15th to the 17th and released just before the press conference found that 37% viewed his job performance positively. The figure fell for a fourth consecutive week, reaching another record low. This should be understood as the public's call for him to pay closer attention to public sentiment and step up efforts on livelihoods and growth.