As the government decided to draw up a supplementary budget worth 25 trillion won to respond to the energy crisis stemming from the Middle East situation, President Lee Jae-myung on the 24th addressed some criticism of it as a "waste of budget," saying, "If you are malnourished, you should supply nutrition even if you have to borrow money." On paying it out in the form of local currency, he said, "Compared with giving cash, the money circulates faster because it is spent in neighborhood mom-and-pop stores and small traditional markets."
Presiding over a Cabinet meeting at Cheong Wa Dae on the morning of the day, Lee said, "Regarding the supplementary budget, there is a debate in some quarters about 'why support with taxes,' 'spending by borrowing and handing out cash,' and 'why give it as local currency,'" adding, "This supplementary budget will be funded not by debt but by excess tax revenue." He also said, "Even if there were no excess tax revenue, we should borrow to do it. The debt system exists for times like this," and added, "If we say we should tighten our belts because times are tough, that will lead to serious trouble."
The opposition, including the People Power Party, continues to attack the 25 trillion won supplementary budget as "populism for local elections." In response, Lee said, "This is a misunderstanding caused by political agitation. The government's original role is to spend money for the people," adding, "What the government does is not scrimp and save but spend money competently and well." He went on, "Not spending the budget is incompetent and irresponsible."
On selectively supporting low-income groups in the form of local currency, he said, "The problem is that money is not circulating or is circulating too slowly. We need to make people spend," adding, "Even if you give 1 million won to a wealthy person, they will not spend it. Giving more money to people who are poor and struggling is not about sympathy; it is a necessary economic policy measure." He also said, "There will certainly be comments like 'Why are you handing out money,' 'Why local currency,' and 'Is the budget your own money,' but I hope there will be no confusion."