Mr. Moon, we've reduced our income. "It's gone up."Did the staff enter the wrong number?

By: queen [IP: 220.230.236.xxx]
Posted on: 2019-01-04 04:20:21
Moon Jae-in, controversy surrounded the president's economic assessment statement. In many cases, they cite favorable statistics on recent economic trends to reveal their perceptions that are far from reality. In particular, there are concerns that there might be a problem with the reporting system of Cheong Wa Dae, as former Strategy and Finance Minister Shin Jae-min, who recently raised suspicion that Cheong Wa Dae is pressuring the government to issue "deficit national bonds," claimed that his aide did not let him report the monthly period to the president.



"The household's real income has increased due to the minimum wage increase," President Moon said at a meeting of senior aides on April 31. Rep. Choo Kyung-ho of the Liberty Korea Party analyzed the National Statistical Office's "income and non-consumption expenditures by income quintile" data and found that the average income increased in the first to third quarters last year. However, the income of the lowest (lower 20 percent) and the second (lower 20 percent) fell for the third straight quarter. Income in the third quarter, which is the middle class (40% to 60%), also decreased in the first and second quarters, but increased slightly in the third quarter.

The problem is that overall disposable income fell in the first and third quarters of last year compared to the previous year. Disposable income is the reduction of non-consumption expenditure, such as interest, social insurance, and tax, from the income of the household, indicating the actual purchasing power of the household. Based on real income, the average fell by 36,591 won in the first quarter, 3,400 won in the second quarter, and 46,980 won in the third quarter. In particular, the fall in income in the first to third deciles is noticeable. Considering the increase in the fourth-fifth income, it can be called a "distribution shock."



At a luncheon hosted by the Minjoo Party's leadership on the same day, he said, "Consumption in 2018 turned out to be good on the surface, but it didn't seem to continue." The growth rate of private consumption (Korea Bank) compared to the same period last year was 3.5 percent in the first quarter, but it is continuing to decrease to 2.8 percent in the second quarter and 2.6 percent in the third quarter. The retail sales index (Statistics office) also grew 3 percent in the first quarter, but declined to 0.7 percent in the second quarter, and dropped to 0.5 percent in the third quarter. This is why the Korea Development Institute (KDI) decided in its December report that negative signals about private consumption such as worsening consumer sentiment are increasing.



Rep. Choo Kyung-ho said, "The president's remarks, which are very different from the reality of the economy, have continued since last year," adding, "It is hard to dispel suspicions that Cheong Wa Dae's aides have not properly reported the reality of the people's livelihood while highlighting some advantages to the president."



At the National Finance Strategy Conference in May last year, the positive effects of the minimum wage increase were more than 90 percent, and at the Democratic National Convention in August last year, the amount and quality of employment improved, causing resistance from self-employed and job seekers. At the Cabinet meeting in November last year, 토토사이트he quoted the saying, "Row when water comes in," referring to favorable indicators in the shipbuilding and automobile sectors. However, orders for ships increased last year from the previous year, but were 20 percent higher than the previous boom. While operating profit of finished cars is decreasing, parts industries are worried about their survival.



Some economic ministries, including the Ministry of Strategy and Finance, have been voicing concerns for a long time ago. This is what they say. President Moon graduated from the Judicial Research and Training Institute in the second place. The main issue is a meticulous and careful way to deal with it. As the official schedule is tight, however, economic trends are only briefed and reported. In the process, the "shadowing" of the policy may not be properly reported.



"If the remarks continue, the credibility of the government's policies will become a problem," said Park Young-beom, an economics professor at Hansung University.



Some criticize that President Moon's failure in our society is so strong that the results cannot be properly conveyed to the people. He said he turned his finger to the media, which criticized the adverse effects of the policy amid a slump in the economy, including the employment disaster, the chaos of self-employed business, a sharp drop in corporate investment, and worsening distribution.



"As Cheong Wa Dae is reluctant to contact businesses and economic organizations, it seems that Cheong Wa Dae does not understand the economic situation well," said Kim Tae-ki, an economics professor at Dankook University.
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