South Korean opposition lawmaker criticizes Lee administration for using people's wallets as collateral, calling it a ”tax bomb” and ”debt-fueled political budget.”

On the 31st of last month, Na Kyung-won, a lawmaker from the South Korean opposition People Power Party, said, "The 2026 budget plan put forward by the Lee Jae-myung administration is a plan that uses the people's wallets as collateral for future generations.
"It's a 'tax bomb, debt-ridden political budget' that has involved the entire government," he said, criticizing the budget as "a debt-ridden budget that will be imposed on future generations."
8 trillion won (approximately 76.9776 trillion yen), under the banner of "leading economy and inclusive welfare," but in reality, through tax hikes, the largest deficit government bonds in history, and reckless injections into the national pension fund, the government has put the national finances at risk.
"Not only that, next year's budget will also include an increase in national health insurance premiums, a further increase in electricity charges, and a reduction in employment insurance premiums," he said.
"These statements contain concerns that public utility fees will continue to rise, including the possibility of a price hike," he said, explaining, "This is a teaser for a vicious cycle that will further increase the direct and indirect burden on people's lives."
He also said, "The government's extravagant financial structure actually reflects on the daily lives of the people as a 'direct cost bill,' and the burden is passed on to future generations."
"If things continue like this, South Korea's future will be one in which it faces a vicious cycle of financial debt," he said.