Rival candidates clash over cash handouts, tax increase

Presidential candidates Lee Jae-myung of the liberal ruling Democratic Party of Korea, left, and Yoon Suk-yeol of the conservative main opposition People Power Party are seen during the final TV debate hosted by the National Election Commission, held at local broadcaster KBS' studio in Seoul's Yeouido, Wednesday. Joint Press Corps

By Jung Da-min

The two leading presidential candidates, Lee Jae-myung of the ruling liberal Democratic Party of Korea (DPK) and Yoon Suk-yeol of the main opposition conservative People Power Party (PPP) clashed over the issue of cash handouts during the third and final TV debate held at KBS studio in Seoul, Wednesday.

Yoon criticized Lee for his basic income proposal, claiming it would increase taxpayers' burden and worsen the government's fiscal health.

"A policy mix that is based on social services and job creation would better contribute to a virtuous and sustainable circle (of economic growth and social welfare). A cash-based welfare system, on the other hand, requires more financial resources without yielding much economic effect," Yoon said.

Lee defended his basic income pledge, saying it would guarantee a minimum income for everyone and ultimately help vitalize the country's stagnating economy.

"Yoon often criticizes the basic income policy, but I want to ask if you know that the PPP also acknowledges the need for basic income in its own party platform," Lee said.

Yoon responded he was aware of it, but added that the PPP has a different concept of that term.

The two candidates are divided over the size of emergency relief funds. The PPP candidate advocated the use of cash handouts only to help the self-employed and small business owners who have been hit hard by COVID-19 pandemic restrictions, whereas the DPK candidate called for cash handouts for everyone.

Yoon criticized Lee and his party for shifting their policy stance ahead of the election, saying Lee had called initially for cash handouts for all, without mentioning the self-employed or small business owners specifically, but changed his stance and promised to provide financial support for them as the election neared.

Lee vowed to provide financial support that is generous enough to cover all their losses incurred during the pandemic, if he gets elected.

Neither Lee nor Yoon mentioned raising taxes.

Justice Party candidate Sim Sang-jung criticized the two leading candidates for staying mum on the tax increase which she said will be inevitable, noting they were silent about it because it is unpopular among the public.

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When asked about his position on increasing taxes, Lee said he had no plans for it.

Sim then asked him if he was considering increasing the national debt without increasing taxes. "I remember that you, Mr. Lee, once criticized me for suggesting a tax increase, calling my vision self-destructive. But I think you are irresponsible," she said.

The rival candidates also clashed over policies to stop the declining birthrate and the population cliff.

Lee accused Yoon and the PPP of objecting to the so-called "Nth room prevention law," a legislative revision to the Telecommunications Business Act requiring internet platforms with yearly sales over 1 billion won ($829,700) and those with more than 100,000 daily users to engage in removing illegal content from their servers.

The revision bill's nickname refers to the high-profile criminal case revealing that women were being coerced into obscene acts, and the victims' images and videos were being sold illegally and shared in pay-per-view online group chats on Telegram.

"The PPP sees the current law is not effective and requires a more technical review," Yoon said.

Lee responded, "I do not understand why the PPP is objecting the revision bill when the current law needs to be revised."

From left are Justice Party presidential candidate Sim Sang-jung, People Power Party candidate Yoon Suk-yeol, People's Party candidate Ahn Cheol-soo and Democratic Party of Korea candidate Lee Jae-myung. Joint Press corps

When it comes to their views on the root cause of the low birth rate, Yoon said Korea's ultra-competitive society needs to be addressed.

"To prevent falling birthrates, I think all systems such as pregnancy and childbirth support, job expansion, housing stability, childcare, and work-family balance are necessary, but the excessively competitive structure of society must be improved now," Yoon said.

"Young people will have a child when their anxiety is relieved and balanced regional development is achieved so that job opportunities are balanced and young people can have diversified goals."

Lee said people in the past had many children no matter how difficult the reality was, as they believed that their children would have better lives than them. But the loss of hope is the root cause of the current low birth rate, he added.

"The reality of the world is too harsh. The most important task is to restore growth, increase opportunities through continuous growth and create a future," Lee said.

"It costs too much to raise and educate children after giving birth. The most important measure is the state bearing the burden of giving birth and raising children, securing jobs and housing and preventing career breaks" for working mothers, he added.

Wednesday's debate marked the third and final debate hosted by the National Election Commission (NEC), the state election watchdog, which covered social issues. The previous two NEC debates held Feb. 21 and 25 covered the economy and politics, respectively.