Candidates should not try to 'buy votes'
Presidential candidates of the rival political parties have gone too far in making campaign pledges they cannot keep. It is reckless and irresponsible for them to try to woo voters with unfeasible policy proposals.
On Sunday, Lee Jae-myung, the candidate of the ruling Democratic Party of Korea (DPK), promised to supply 3.11 million new homes over the next five years if he is elected president. This figure is up from his previous pledge to build 2.5 million homes to cool the overheated housing market.
By increasing the figure by 610,000, he seemed to show his strong will to ensure a stable housing supply. Most of all, he has apparently sought to edge out his rival, Yoon Suk-yeol of the main opposition People Power Party (PPP) who has also vowed to supply 2.5 million new homes. Yet, Lee has failed to present a detailed action plan on how to make good on his promise.
If history is any guide, it is difficult to increase the housing supply in a short period of time. Former President Roh Tae-woo provided 300,000 new homes in the early 1990s by developing two high-density residential areas near the capital city ― Bundang in Seongnam and Ilsan in Goyang. Then, another president, Roh Moo-hyun, pushed for a project to build 680,000 homes in other satellite cities such as Paju and Dongtan in the 2000s. However, the project is still underway, demonstrating how difficult it is to create such large-scale residential developments.
Nevertheless, the candidates are tempted to promise to provide more homes because the Moon Jae-in administration has come under severe criticism for failing to keep runaway housing prices in check. The government invited the ire of the public because it has focused on cracking down on housing speculation by increasing property taxes and capital gains taxes. It has only belatedly pushed for a project to increase the housing supply.
The government's failure to stabilize the housing market is serving as a stumbling block in Lee's campaigning. Apologizing for the failure, Lee has sought aggressively to offer new policy options to supply more homes at affordable prices. He has also pledged to ease the tax burden on homeowners. But his campaign pledges should be based on reality. If he continues making promises he cannot keep, he is simply telling lies to the people. No candidate should think that they don't have to keep campaign promises once elected.
Opposition candidate Yoon is no better. He has promised to increase the provision of financial support for small businesses and the self-employed who are most vulnerable to the economic fallout from the resurgent COVID-19 pandemic. He has also made a proposal to drastically raise the wages of conscripted soldiers.
It is regrettable for the rival candidates to engage in fierce competition through populist policies, which is tantamount to buying votes. They are blamed for paying no attention to the government's growing budget deficit and soaring national debt. Imagine what would happen if such a populist candidate becomes the next leader of our country.
Presidential candidates of the rival political parties have gone too far in making campaign pledges they cannot keep. It is reckless and irresponsible for them to try to woo voters with unfeasible policy proposals.
On Sunday, Lee Jae-myung, the candidate of the ruling Democratic Party of Korea (DPK), promised to supply 3.11 million new homes over the next five years if he is elected president. This figure is up from his previous pledge to build 2.5 million homes to cool the overheated housing market.
By increasing the figure by 610,000, he seemed to show his strong will to ensure a stable housing supply. Most of all, he has apparently sought to edge out his rival, Yoon Suk-yeol of the main opposition People Power Party (PPP) who has also vowed to supply 2.5 million new homes. Yet, Lee has failed to present a detailed action plan on how to make good on his promise.
If history is any guide, it is difficult to increase the housing supply in a short period of time. Former President Roh Tae-woo provided 300,000 new homes in the early 1990s by developing two high-density residential areas near the capital city ― Bundang in Seongnam and Ilsan in Goyang. Then, another president, Roh Moo-hyun, pushed for a project to build 680,000 homes in other satellite cities such as Paju and Dongtan in the 2000s. However, the project is still underway, demonstrating how difficult it is to create such large-scale residential developments.
Nevertheless, the candidates are tempted to promise to provide more homes because the Moon Jae-in administration has come under severe criticism for failing to keep runaway housing prices in check. The government invited the ire of the public because it has focused on cracking down on housing speculation by increasing property taxes and capital gains taxes. It has only belatedly pushed for a project to increase the housing supply.
The government's failure to stabilize the housing market is serving as a stumbling block in Lee's campaigning. Apologizing for the failure, Lee has sought aggressively to offer new policy options to supply more homes at affordable prices. He has also pledged to ease the tax burden on homeowners. But his campaign pledges should be based on reality. If he continues making promises he cannot keep, he is simply telling lies to the people. No candidate should think that they don't have to keep campaign promises once elected.
Opposition candidate Yoon is no better. He has promised to increase the provision of financial support for small businesses and the self-employed who are most vulnerable to the economic fallout from the resurgent COVID-19 pandemic. He has also made a proposal to drastically raise the wages of conscripted soldiers.
It is regrettable for the rival candidates to engage in fierce competition through populist policies, which is tantamount to buying votes. They are blamed for paying no attention to the government's growing budget deficit and soaring national debt. Imagine what would happen if such a populist candidate becomes the next leader of our country.
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