Next news.
As the personnel confirmation hearings, which had been expected to run into difficulties, are wrapping up smoothly, the first outline of the livelihood support payments emerged yesterday.
At the cabinet meeting he presided over yesterday, Prime Minister Lee Chanho hinted that “the lower-income brackets will be maintained at 300,000 won, but the amount will be reduced in stages by income bracket.”
However, under Prime Minister Lee’s proposal, the middle-income bracket is expected to receive roughly around 30,000 won, drawing complaints even from supporters.
After the cabinet meeting, Prime Minister Lee explained in an interview with reporters, “It is not that we failed to keep the 300,000-won support payment.” When reporters asked whether he had not promised 300,000 won to every citizen, he said, “The livelihood fund will continue to be discussed going forward,” leaving the matter for later, but many experts assessed that, realistically, it would not be implemented.
The prevailing view is that national debt is the reason behind the sudden policy revision.
This is already the fourth time this year. The Ministry of Planning and Budget has once again requested a loan from the Bank of Korea. A Bank of Korea loan is a “quick cash” card the government uses to borrow money for a month or two when there is a gap in the budget. Yet this quick cash card has already been used four times in the first half of this year alone.
Accordingly, many experts diagnosed that “the seriousness of our fiscal situation has risen to our very chin,” and that “a supplementary budget can no longer be a breakthrough; it is time to seriously discuss tax increases or spending cuts.”
The assessment is that the Blue House has taken a step back from its pledge in consideration of national finances.
Meanwhile, another controversy is arising over President Kim’s moves after he met with startups that day.
At the startup luncheon held at the Blue House, officials from Asan Motors and several startup companies developing related businesses gathered.
At the luncheon, President Kim said, “As the global autonomous driving market continues to grow, I feel a sense of crisis in many respects,” and asked the various officials about the current level of Korea’s technology and what institutional support was needed.
In response, many officials said, “It is urgent to allow autonomous vehicles to operate freely in cities and to revive the ride-sharing market.” President Kim replied, “Laws are bound to change with the times,” and added, “Taking various domestic and international circumstances into account, we will seek the best point of compromise.”
Though everyone avoided mentioning it directly, the remarks were, in effect, aimed at the Tada Ban Act.
As a result, the National Transport Workers’ Union, the taxi union, and civic groups issued statements of condemnation and announced a 100,000-person strike in Gwanghwamun next week.
The strike leadership strongly criticized the president that day, saying, “The president is not keeping a single one of his pledges.”
One official caused a major stir by leaving a post on social media saying, “President Kim should carefully look back on how the president who turned on his left blinker and then turned right ended up dying.”
More details...
*
—Goddamn it! You said you’d buy us hamburgers! ㅡㅡ^
The bastard who said he’d buy us hamburgers if we voted him class president is handing out hamburger gummies? Why hasn’t Kim Sangcheol been impeached? ㅡㅡ
⌞ lololol He did give us hamburgers. Just not fries and Coke~
⌞⌞ This is not something to laugh about... For some people, their livelihood is at stake...
⌞⌞⌞ Then work two jobs, you bastard. By the time today’s newborns become workers, they’ll be getting 70% ripped out of them for the four major insurances, and you want to hand them a debt bomb too? Ptui!
Jane Goodall, the world’s most authoritative zoologist and environmental activist, once said this: if the population were at the level it was 500 years ago, many environmental problems would not have occurred. This was misused by many “population reductionists,” who propagated the idea that Jane Goodall advocated population reduction.
In fact, many population reductionists interpret the global low birthrate as a kind of “ecosystem normalization process.” They say the earth’s resources have reached their limit, and now the number of people must decrease in order to solve issues like global warming.
And it is not as if there is no basis for it. Looking at academic analyses claiming that Genghis Khan delayed global warming by as much as two hundred years, it seems global warming and population issues are inevitably proportional.
Is low birthrate truly a self-purifying action of the species known as humans, from the perspective of the ecosystem?
I do not know the answer, but in any case, the reductionists call this change natural, and say that the population must decrease nonviolently, as it is now.
That is why another nickname for population reductionists is “nonviolent extremists.”
They are nonviolent only in words; in truth, they are the most extreme.
Because while people now can talk about human rights with warm backs and full stomachs, one cannot help but have the extremely human question of whether our children’s generation, if 80% of their wages is taken for the four major insurances, will really look upon the elderly with kind eyes...
From that perspective, artists’ predictions are sometimes more accurate than scholars’ when it comes to forecasting the future.
If I remember correctly, a Thanos appears once in each country. They created anti-elderly laws that were nearly impossible under a democratic system... restrictions on medical coverage, pension cuts, subsidy cuts, abolition of elderly jobs, and so on. All of these were anti-elderly policies that sent the elderly poverty rate soaring.
But every country where Thanos did not appear had its belly split open by the IMF without exception. I think the first was France.
—Er... We are not saying we should abolish the Tada Ban Act right this instant. What I mean is that we should prepare for the future that is coming. As far as I know, the cabinet is considering having the state purchase a certain portion of taxi licenses. Well, nothing has been decided yet.
Watching President Kim Sangcheol practically get lynched by reporters during the doorstepping, I thought as much.
For now, one thing had changed.
If my memory was correct, less than a hundred days into his term, 300,000 won in livelihood funds would be scattered to each person, but for now, that had been blocked at 30,000 won.
The Blue House avoided direct mention, but through various moves, it continued to convey its intentions to the taxi, transport, and passenger transportation industries. That regulations would be loosened, and that compensation would not be paid out in such large amounts.
Accordingly, various interest groups held a 100,000-person strike demonstration in Gwanghwamun, but the public, in turn, erupted over why only those people should have their goodwill payments guaranteed.
I truly am curious.
Back in those days, when he turned on the left blinker and turned right, this country was a republic of strikes 365 days a year. How on earth did he endure that for five years? He even cut pensions. Was that why even tripping while walking down the street was Roh Moo-hyun’s fault?
—This is really USA! (Let us leap forward once again into a great America!)
But dark clouds began to gather over America, which at that time had grabbed us by the collar and forced open the doors of our market.
—Make America Greeeeeeeeeat Again!
Before Reagan’s portrait, he shouted so.
*
“Asan Motors’ stock price has been rising for the first time in a while, you say?”
“Yes. And not only that, most related businesses have risen by more than 10% as well.”
“Because of the abolition of regulations?”
“Most likely. Since the Blue House keeps sending such blatant signals, market expectations seem to be growing.”
The division head reviewed the report with a face tinged with excitement.
It was because our stock market was immediately reacting to the Blue House’s recent unusual moves.
The KOSPI, which had soared to 3,200 as soon as he took office, was now looking toward 3,500. What a relief. Fortunately, the domestic stock market, which had remained sluggish for years after its pre-COVID high, did not end up resembling Japan’s lost decades.
Deregulation in the automobile market soon led to deregulation in other industries, and thanks to that, the domestic stock market was continuing a Santa rally for the first time in quite a while. Even though Christmas was still a long way off.
“Manager Oh, what do you think?”
“Pardon?”
“The Tada Ban Act. Nothing has been finalized yet, and the Blue House has only hinted at its intentions, but already 100,000 people have gathered in Gwanghwamun. Will they really push this through?”
“Of course, nothing has been finalized yet... but looking at the Blue House’s recent moves, wouldn’t you say they have gone beyond hinting at it and are practically declaring they will do it?”
“Hmm...”
“Considering President Kim’s characteristic drive, I do not think he will make a U-turn here. Judging by the drastic cut to the livelihood funds, he will surely use that pocket money to negotiate with the taxi industry.”
The division head nodded, as he was of the same mind.
“Good. Then what is your outlook for the market going forward?”
Manager Oh’s expression darkened.
“I think it will be very dramatic... In fact, the entire industry landscape will change.”
“How much?”
“Looking at indicators from several developed countries, after ride-sharing was introduced, the market share of traditional taxis plunged to 10%. In effect, they completely lost their competitiveness.”
“Will Korea be the same?”
“This is a country where, the moment smartphones were released, they spread to the entire population at the fastest speed. Back then, the elderly said it was hard to text and so on, but in the end, smartphones were simply ‘distributed’ to everyone wholesale. This time will not be much different.”
Even that was phrasing it carefully.
Manager Oh predicted that if ride-sharing was introduced again, the market share of traditional taxis would be cut in half within a year.
“What about the autonomous vehicle market?”
“Asan Motors’ technology is not much different from China’s. And in China, BYD cars are currently roaming the streets of Beijing. Our market share will probably grow at an even faster pace.”
“This is hard to imagine. Then driverless taxis will soon become the mainstream?”
“In fact, in the domestic market, unmanned systems are already mainstream. Even ice cream shops and restaurant orders are unmanned, so would cars be any different? I believe autonomous vehicles will dominate the market at a speed greater than the spread of unmanned ice cream stores.”
“I see... Then increase our purchase ratio of Asan Motors. This report was submitted by Team Leader Lee Sejun too, wasn’t it?”
“That’s right.”
The division head closed the report and handed the documents back to Manager Oh.
It was already 40%.
They had swept up several trillion won’s worth of the KOSPI when it had collapsed to 2,300 due to political risk, and that same KOSPI had already risen 40% to reach 3,200. Because of that, the ratio of domestic assets had suddenly become too high, and the pension fund had to consider risk allocation.
That was because, according to the fund management strategy, if domestic stock market assets exceeded 15%, they had to be rotated out from time to time.
Since the sudden rise had caused the asset ratio to exceed 20%, they would likely have to sell quite a lot.
“Division Head, actually, there is one more thing I need to report regarding that.”
“What is it?”
“What do you think about revising our management strategy a little? Instead of setting it mechanically, we could respond while forecasting market conditions.”
“You are saying we should leave the domestic asset ratio as it is?”
“Yes. I do not think 20% is that large.”
“Don’t tell me that is Lee Sejun’s opinion too?”
“He did propose it, but I think the same. With regulations being eased, our tech stocks are receiving expectations for the first time in a while. From a market perspective, I think the KOSPI will rise further.”
It was an issue that could lead to considerable controversy, but the division head accepted it surprisingly quickly.
“All right. Then let’s do that.”
“Are you serious? Without a separate risk management meeting?”
“There would be no point holding a meeting. Who would raise an objection to a 40% investment performance? Honestly, this time, I do not think there is anyone who can offer an opposing opinion to that fellow... Just do as you suggest.”
“Understood. Then I will discuss it properly with the management office and revise our management strategy a little.”
Just as Manager Oh was about to leave the conference room with light steps, the division head called him.
“By the way, Manager Oh... doesn’t America seem a bit strange?”
“Pardon?”
The division head handed him the NYT, whose front page was plastered with Donald and his ministerial nominees, and spoke with concern.
“I’m asking if America doesn’t seem a bit strange.”
“In what way?”
“I mean, how should I put it... hm... that is...”
The division head sighed and said,
“It is a little hard to explain clearly... but doesn’t it just seem like it’s lost its mind?”