Seoul Mayor Oh Se-hoon said on the 23rd, "In 2011, Seoul's debt had more than tripled during the previous mayor's tenure," adding, "When the Democratic Party seizes power, what it does well is populist plunder."
Oh said in a post on social media (SNS) titled "We will set fiscal justice straight" that "when I returned to Seoul City in 2021 and looked into the fiscal situation, I felt a deep sense of crisis beyond surprise."
Oh said, "Debt that was only 3.1 trillion won in 2011 became about 10 trillion won," adding, "To protect citizens' taxes for Seoul's future, we began the painful journey of restoring sound finances."
He added, "To save even a single penny, we put our heads together with staff day and night," and "We trimmed the fat from the budget, reduced unnecessary expenditure, and cut off the pipeline of taxpayers' money that had been leaking to government-affiliated groups in the name of 'co-governance.'"
Oh said, "As a result, by cutting 455.5 billion won in 2023 and 105 billion won in 2024, a total of 560.5 billion won in debt, we laid the groundwork for fiscal normalization," adding, "It is easy to spend but hard to save. Seoul City staff quietly accomplished that difficult task."
He went on, "The Seoul City coffers we painstakingly filled have been collapsing again since the launch of the Lee Jae-myung administration. Because of the 'livelihood consumption coupons' program this administration pushed from the start of its term, Seoul inevitably had to issue an additional 339.5 billion won in local government bonds," adding, "By shifting the burden of central government policy onto local governments, we have been driven into a dead end where we have no choice but to borrow again."
Oh also said, "On top of that, 800 billion won in Seoul Metro debt accumulated due to the long-term freeze on subway fares was transferred to the city, and it was unavoidable to issue 500 billion won in local government bonds to revive livelihoods shattered by COVID-19," adding, "As a result, compared with 2021, debt as of 2025 has increased by 794.6 billion won."
He added, "Whenever they get the chance, the Democratic Party distorts the facts and attacks me for increasing debt," and "After forcibly passing the bill for coupon issuance to local governments, they have the nerve to boast that debt has grown. It is like the person who punched holes in the rice jar yelling about why the rice is leaking."
Oh said, "Playing generous with taxes wrung from ordinary neighbors' blood and sweat, then insisting the debt is someone else's fault—this is the true face of what they call 'popular sovereignty,'" adding, "If you slap on a slick wrapper, create a program and spray cash, it may help win votes. When the Democratic Party seizes power, what it does 'skillfully from day one' is precisely that kind of populist plunder."
Oh said, "What we should leave to future generations is not an unbearable mountain of debt, but the asset of a sustainable Seoul," adding, "We will set fiscal justice straight without wavering under any pressure. We will protect to the end the foundation on which the next generation will stand."