President Lee Jae Myung speaks during a meeting with senior presidential aides at Cheong Wa Dae in Seoul, Thursday. Korea Times photo by Wang Tae-seog
President Lee Jae Myung, together with his chief of staff for policy Kim Yong-beom, is intensively addressing social and economic issues associated with strain on public livelihood, in what is seen as an effort to shape public opinion ahead of the June 3 local elections.
The issues span higher borrowing rates tied to lower credit ratings — a burden that falls disproportionately on lower-income households — as well as phone scams and illegal private lending that tend to victimize the same groups.
Lee said in a post on X, formerly Twitter, Sunday, that borrowers are not obliged to repay “illegal lending that exceeds the legally permitted interest rate.”
He also shared a news report on Friday saying the amount of financial damage from voice phishing had fallen by 45 percent. “It is truly a relief that such losses have decreased in such a short period of time," he said.
Meanwhile, Kim published a series of three Facebook posts from Friday to Sunday, raising concerns about a structural disparity in which lower-income, lower-credit borrowers pay higher interest rates despite their greater financial need, while wealthier individuals with stronger credit enjoy cheaper borrowing.
Cheong Wa Dae pushed back Monday against suggestions that the posts are election-driven. “Elections are conducted by political parties, while the presidential office is focusing solely on public livelihood issues themselves,” a Cheong Wa Dae official said.
Some analysts nevertheless projected that the relevant social media posts cannot be free of political intent, given the relationship between the government, the ruling Democratic Party of Korea (DPK) and the potential positive impact that Lee could have on the party.
“A popular president can certainly be a strong backing for the ruling party by showing how much he is interested in the public and their concerns,” political commentator Park Sang-byung said, pointing to Lee’s approval rating, which has hovered above 60 percent over the past weeks in multiple polls.
Shin Yul, a political science professor at Myongji University, voiced a similar view. “The president’s interest in such matters can be helpful, especially at a time when the energy crisis stemming from the Iran conflict is pushing up prices for households," Shin said.
Source: Korea Times News
