Hwang Kyo-ahn, leader of the Freedom and Innovation Party, delivers opening remarks at the Supreme Council meeting on the 20th.

Hwang Kyo-ahn, leader of the Freedom and Innovation Party, has issued a sharp critique of the economic mismanagement of the Lee Jae-myung administration.

In his opening remarks at the party’s Supreme Council meeting on the morning of the 20th, Representative Hwang stated, "Sweeping policy failures—spanning stocks, real estate, and taxes—are dismantling the ladder of social mobility for the working class and the youth," and strongly urged a shift in the Lee Jae-myung administration's state governance.

He lamented, "While the government pays lip service to helping the working class and improving public livelihoods, in reality, it is kicking away the economic ladder for the people."

"Talking about boosting the capital market... yet only increasing uncertainty for retail investors"

Specifically, he first addressed the current state of the stock market. Representative Hwang observed, "Many young people and office workers, earning 3 to 4 million won a month, invest 500,000 to 1 million won monthly into stocks and ETFs after cutting back on living expenses," adding, "They are trying to grow their assets, however slightly, because it is impossible to afford a home on a salary alone."

He continued, "The government preaches the activation of the capital market, but in practice, it is pursuing regressive policies that increase the burden of securities transaction taxes," and criticized it harshly, saying, "When policies are unstable, ordinary retail investors—the 'ants'—who lack access to inside information, suffer the most."

"A structure where only the cash-rich can buy homes... Loan regulations are kicking away the real estate ladder"

Regarding real estate policy, he pointedly identified the flaws in current loan regulations. Representative Hwang noted, "Suppose there is a person with 1 billion won in cash inherited from parents, and a couple who has worked for 10 years to save 200 million won, both looking to buy a 1 billion won home." He emphasized, "If you block loans, the cash-rich can buy the house, but the couple who worked for their money will never be able to afford one."

He argued, "Loans are a financial tool that makes the dream of homeownership possible for young people, newlyweds, and ordinary workers who lack assets but have future earning potential," adding, "It is as if they are targeting ordinary, homeless citizens under the guise of catching speculators." He also shared a heart-wrenching case of a woman he met at Olympic Park a few days ago, who sobbed as she explained, "I can't pay the interest on the house I barely managed to buy, and even working at a restaurant isn't enough to cover it, yet the house won't sell."

"Tax hikes ultimately fall on youth and consumers... People need 'opportunities,' not free handouts"

He also took issue with policies that strengthen corporate taxation and the corporate tax burden. Representative Hwang stated, "If the government collects more taxes from companies, those businesses are forced to cut investments and new hiring, or pass those costs onto product prices," noting, "Ultimately, the damage is passed directly onto youth preparing for employment, office workers, and consumers."

He stressed that policies on stocks, real estate, and taxes ultimately boil down to the single essence of "the ladder to the middle class." He concluded, "The government is kicking away the economic ladder while only handing out free subsidies," adding, "What the people need is not a few pennies from the government, but the opportunity to stand on their own feet through their own work."

Representative Hwang reiterated his call for a full-scale change in governance, stating, "The hope that the next generation can live better than their parents is the very essence of a free market economy; it is the future and the path to survival for the Republic of Korea." He added, "True public welfare is a nation where the ladder for the working class is restored, where people who work hard thrive, where youth can afford a home through their efforts, where companies invest and create jobs, and where the working class can become the middle class, and the middle class can become wealthy."