President Lee Jae-myung’s Surprise Visit to Ulsan Traditional Market… "I Promise to Care for People’s Livelihood"

In response to a citizen's remark that "stocks have risen a lot; thank you," President Lee Jae-myung replied, "The stock prices have indeed risen, haven't they?"

On the 20th, President Lee made an unannounced visit to the Ulsan Alpensia Market in Ulsan's Ulju District, interacting directly with citizens and observing the realities of their livelihoods.

According to the presidential office, President Lee visited the traditional market right after the 'Ulsan AI Data Center Launch Ceremony – Building Korea's AI Highway to Become a Top 3 AI Power' event held at the Ulsan Exhibition and Convention Center on the same day.

This surprise visit was not part of his official schedule.

Citizens present at the market expressed their joys by saying, "Thank you for your efforts during your visit to Canada" and "It was nice to see (First Lady) Mrs. Kim Hyekyung." One citizen even urged him, "Please take care of your health while working."

Approval of 30 Trillion Won Supplementary Budget… National Consumption Coupons to be Distributed

After wrapping up his attendance at the G7 summit in Canada on the 16th-17th (local time), President Lee returned to Korea early in the morning of the 19th and has been diligently engaging in a packed schedule ever since.

He conducted a series of official agenda items including a cabinet meeting to approve the second supplementary budget and the Ulsan AI Data Center launch ceremony.

During his visit to the market, President Lee purchased Korean pancakes, deep-fried peppers, tteokbokki, and sundae from a snack shop, and bought traditional sweet drinks and rice cakes from another store to share with his accompanying staff.

When a merchant pleaded, "The market is very difficult, please help us," President Lee responded, "I've allocated consumption coupons for traditional markets through supplementary budget plans, so things will improve moving forward."

The day prior, President Lee reviewed and approved a supplementary budget plan worth 30.5 trillion won during a cabinet meeting.

This supplementary budget is the first since the new government took office and the second for this year. The expenditure budget amounts to 20.2 trillion won, and it includes 10.3 trillion won for adjusting tax revenue losses.

The core objective of this supplementary budget is to stimulate the economy and stabilize people's livelihoods. In particular, 10.3 trillion won is allocated for recovery consumption coupons aimed at boosting spending.

These coupons will be distributed to all citizens, but the amounts will vary based on income and wealth.

Each citizen will receive between 150,000 to 500,000 won: the top 10% will get 150,000 won, ordinary citizens will receive 250,000 won, the second-lowest income tier will receive 400,000 won, and basic recipients will receive 500,000 won.

Differing Opinions on Supplementary Budget Processing… Key to National Assembly Passage

The consumption coupons will be distributed in two rounds, with various forms such as local love gift certificates, prepaid cards, and credit/debit cards, and the exact timing of distribution will depend on the approval progress of the supplementary budget by the National Assembly.

The processing of the supplementary budget is now in the hands of the National Assembly.

The ruling Democratic Party argues that the supplementary budget should be processed in the upcoming extraordinary session, which ends on the 4th of next month.

On the other hand, the opposition People’s Power party has expressed critical views, stating, "With national debt increasing by 20 trillion won, there are concerns that this is the beginning of populism," highlighting the clear divide in positions between the two parties.

Presidential spokesperson Kang Yu-jeong stated, "Today’s visit by President Lee to the market was an unplanned schedule," and "It reflects President Lee's commitment to continually communicate with the citizens directly and to pay attention to their livelihoods and local economies, even after the election."

Image source: Presidential Office