President Lee to the People Power Party: “Invest for the future ... competition must not become a war”

[Financial News] President Lee Jae-myung cited the People Power Party’s argument that the increased fiscal resources should be used to pay down debt, saying on the 2nd, “I believe investing for the future is the right thing to do,” and stressing, “Competition is good, but it must not become a war.”
President Lee made the remarks during a pre-address meeting at the National Assembly that day with National Assembly Speaker Jo Jeong-sik, leaders of the ruling and opposition parties, and heads of constitutional institutions, ahead of his policy address on the 2027 government budget.
“People Power Party lawmakers say the additional fiscal resources should be used to pay down debt. That is valid to a certain extent,” President Lee said. “But if this is judged to be useful for laying the foundation for sustained growth with the future in mind, I believe investing for the future is the right thing to do.”
Explaining the direction of next year’s budget, he said, “We focused on firmly laying the groundwork for sustained growth and for people’s lives to improve in tangible ways.”
President Lee said, “This budget is, in fact, astonishingly large,” but added, “We are now able to run the country’s finances almost without issuing new government bonds.” He continued, “This is all thanks to the efforts of our people, businesspeople and workers over the past year or so,” and said, “The scale of South Korea’s economy has grown enormously.”
He also said, “Contrary to what was feared, the national debt ratio has actually fallen to around 48%, so there is little need to worry about the fiscal debt problem.”
President Lee said, “I believe the reason a state exists is to create a better future for the country, protect the lives and safety of its people, and make life better.” He added, “We must constantly consider what would be best for the country and its people. I ask you to understand that this is the result of that deliberation.”
Addressing the political community, he said, “I think it would be much better if we showed the people what it looks like when everyone engages in rational competition together to build a better world,” and asked, “Please give us your full support.”
Speaker Jo said of next year’s budget, which is in the 820-trillion-won range, “I will scrutinize it carefully to ensure it is put to good use for people’s lives and the future of South Korea.” He added, “The ruling and opposition parties will do their utmost to ensure it is passed within the statutory deadline set by the Constitution,” and stressed, “There can be no partisan divide when it comes to people’s livelihoods and the national interest.”
Meanwhile, dozens of People Power Party lawmakers held placards and chanted slogans criticizing the national debt and issues related to trials outside the main building before President Lee arrived at the National Assembly that day. After entering the building and walking up the steps, President Lee bowed slightly toward the People Power Party protesters holding placards.
At the reception, President Lee smiled and shook hands with People Power Party leader Jang Dong-hyeok, saying, “Nice to see you. I see you often on TV.” He greeted Chief Justice Cho Hee-dae with, “How have you been?”
[email protected] Choi Jong-geun, Jiwon Song Reporter