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Additional support, such as prohibited businesses and job weakness, is likely
Lee Jae-myeong “I have to give between 2 and 300,000 won per person in local currency early next year.”
Reproliferation -> Repeat payment of official subsidy … Establish clear rules urgently
National debt closes at 950 trillion next year … needs ‘support pliers’
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A plan to provide a third disaster support fund of around 4 trillion won will be promoted early next year, such as small business owners, self-employed and special-type workers (special high school), who have been damaged by the third spread of the new coronavirus infection (Corona 19). However, as the formula to “ spread Corona 19 → increase the distance → harm the vulnerable → payment of disaster assistance ” solidifies, there are concerns that populism in politics will continue after next year if no clear standards of support are established.
According to the National Assembly and government authorities on the 29th, the National Assembly is discussing plans to include a plan to pay for the third disaster support fund in next year’s budget. This is because as a result of Corona 19’s reproliferation, social distancing measures are imperative to support affected industries that are unable to open the store at all. In September, Dangjeong provided up to 2 million won in business stabilization funds for 12 banned businesses, such as computer cafes, and 1.5 million won for restricted businesses, such as coffee shops.
Again, small business owners and freelancers are expected to be the primary targets for support. In the second phase of social distancing in some areas, such as the metropolitan area, five businesses, including hunting tea, emotional pub, danran pub, entertainment pub, and collatech, are banned from businesses. However, buffets, large academies for 300 people or more, singing practice centers, indoor sports facilities, PC rooms, private academies for 10 or more people, reading rooms and study cafes , which were prohibited in the previous step 2.5, are restricted businesses this time. Additionally, additional support is also expected for the disadvantaged, such as the self-employed and special high schools, which have a large proportion of face-to-face service workers affected by increased distance. Amid the prolonged impact of employment, support for low-income families whose incomes have declined due to unemployment or business closures is also unavoidable.
In addition, a vaccine purchase budget is expected to be formulated for next year, which was not reflected in the government’s presentation. The amount that can be inoculated to 44 million Koreans is approximately 1.3 trillion won. However, items such as special childcare allowances and support for mobile communication fees, which were paid as the fourth supplement, are likely to be omitted this time.
While the strength of the people previously suggested 3.6 trillion won, the Democratic Party also has a position that it should be more than 3.6 trillion won. It is expected to be around 4 trillion won when the government’s proposal is presented in September and reflects the increased demand for support. This is less than the 7 trillion won of secondary support, which was paid in the fourth supplemental period before and after Chuseok. However, Gyeonggi Gyeonggi Governor Lee Jae-myeong appealed on the 28th via text message sent to Democratic Party leaders and 174 members of lawmakers, calling for the third disaster support payment to be paid. in local currency between 200,000 and 300,000 won per person in January next year.
Regarding funding, a plan is being discussed to increase the target reserve by around 2 trillion won. Some of the reserves worth 5.4 trillion KRW for next year and the reduced part of the government budget can also be a source of disaster support. If 3 trillion won is raised in this area, a budget for the third expansion of up to 5 trillion won can be prepared. In this case, the government budget for the next year will increase from 556 trillion won to 558 trillion won. Since government bonds must be increased, the situation between countries is inevitably worse. If another 2 trillion won is issued, the national debt will increase to 947 trillion won next year. Furthermore, there is a possibility that the national debt will reach 1,000 trillion won if additional supplemental arrangements are made for the reproliferation of Corona 19 and the payment of disaster subsidies next year. For this reason, experts point out that the financial burden should be reduced through “pincer support” only for victims.
/ Sejong = Reporter Hwang Jeong-won [email protected]
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