Oh Se-hoon, the Seoul mayor, on the 20th, Youth Day, criticized the Lee Jae-myung administration as "an administration that leaves only debt to young people and strips them of every opportunity."
In a Facebook post that day titled "Seoul will become a special city for youth growth," Oh wrote, "Many more young people than expected responded passionately to the line, 'The wave of debt the government is swelling, the Seoul city government is holding it back.'" This is the wording that was written on a banner recently hung on the outer wall of the Seoul Metropolitan Library.
Oh said, "Because of the Lee Jae-myung administration's reckless cash handouts, deficit-creating debt is skyrocketing, and next year government debt will exceed 1.4 quadrillion won. The interest on the national debt alone is more than 34 trillion won." He added, "Even though the entire country is groaning under debt, the government is hell-bent on spraying cash to every citizen and is even twisting the arms of local governments," while "Seoul, by contrast, has reduced its debt by 596.2 billion won over the past four years."
Oh said, "The reason the large banner resonated so strongly is that the young people who will have to repay this astronomical debt felt it keenly," adding, "What is more serious is that the government is also taking away one by one the future opportunities of young people."
He went on, "With DSR stage 3 (a lending regulation), it pushes people out of formal finance, and with the Yellow Envelope Act it blocks job creation," adding, "As for real estate measures, it is even tightening jeonse loans for newlyweds. This is an administration that leaves only debt to young people and strips them of every opportunity."
Oh emphasized, "The philosophy of Seoul's youth policy is clear: to open up opportunities so that they can fully demonstrate their abilities and grow," adding, "We will pass down assets, not burdens, to future generations. With sound finances, we will invest in dwellings, jobs, and education to pass down hope to the next generation."
He added, "The Seoul city government will create a tide of opportunity and growth, not waves of debt and despair," and "We will be reborn as a 'special city for youth growth' where young people can fully pursue their dreams."
That day, Oh visited the "Seoul Youth Week Pop-up Store" and "AP AGAIN" in Seongsu-dong to meet with young people. At a commemorative event, Oh heard three cases from people who experienced life changes after taking part in youth policy, and he presented the "Seoul Youth Award" to eight young people (teams) who contributed to invigorating youth policy and to the local community. He said, "So that when young people become middle-aged they can lessen their burdens, the Seoul city government will thoroughly look after not only education, culture, and the arts but also economic self-reliance."