The ruling party’s candidate for President Lee Jae-myung is doing what left wing politicians always do, promise spend a lot of money:
Gyeonggi Gov. Lee Jae-myung, named presidential candidate of the ruling Democratic Party Sunday, vowed to adopt universal basic income if elected, claiming that he would turn South Korea into the world’s first nation offering the subsidy package, even to the wealthy.
In his acceptance speech on Sunday, Lee highlighted his “basic agenda package,” which is expected to be the backbone of his economy policy if elected president. The package consists of a universal basic income plan, a basic housing program and a basic loan scheme, but has immediately sparked divided responses from onlookers for its impact on the economy and lack of resources.
The universal basic income scheme, under Lee, would provide all Korean citizens annual cash subsidies of at least 250,000 won ($209.16) from 2023. Koreans aged between 19 to 29 would start receiving an annual 1.25 million won each from 2023.
Lee plans to ultimately raise the bottom line to 1 million won within his years in office.
Korea Herald
You can read more at the link, but I wouldn’t mind these heavy spending proposals so much if these politicians would be honest and also explain what taxes would be raised to pay for it.