President Lee Jae-myung's social media messages are becoming more frequent. He is directly addressing economic and livelihood issues, from social dialogue with labor groups to record-high export achievements. Following the resignation of Kim Yong-beom, the head of the Presidential Policy Office, there is a vacuum in the coordination and explanation of economic policies, prompting the president to strengthen direct communication to stabilize governance.
However, experts point out that for the president's direct communication to lead to a rebound in approval ratings and restore governance momentum, it must be accompanied by policy implementation and tangible results that align with the messages. If improvements in macroeconomic indicators like exports and growth rates do not translate into changes in housing prices, rental markets, job opportunities, and household income, the effectiveness of active communication may be limited.
On September 6, President Lee's posts on X (formerly Twitter) included updates on social dialogue with labor groups and record-high export achievements, reflecting his direct engagement with economic and livelihood issues. By explaining the intent and outcomes of key policies through social media, the president has positioned himself as both an interpreter of policies and a communicator of government achievements.
The president's direct communication has the advantage of conveying policy messages quickly and clearly. It allows him to explain the rationale behind government decisions directly to the public and respond swiftly to controversies. However, as he takes on the responsibility of explaining outcomes, there is a risk that accountability for policy results may also fall squarely on him.
This role has become even more pronounced following Kim's resignation. President Lee accepted Kim's resignation on September 1, with the Blue House stating that the move was aimed at securing the momentum for policy execution and revitalizing the second phase of economic policy.
Until a successor is appointed, there will inevitably be a gap in the policy control tower responsible for coordinating and explaining growth agendas, including regular negotiations, semiconductor initiatives, and major projects, as well as issues related to real estate, the stock market, and public welfare. While the president's social media can partially fill this gap in policy explanation, it cannot replace the system for coordinating and executing policies.
Ultimately, the direction and effectiveness of the second phase of economic policy will depend on the appointment of a new head of the Policy Office. Analysts suggest that the president's messages will gain public credibility when they are linked to specific follow-up measures.
The immediate challenges include stabilizing the real estate market and public welfare. It is essential to go beyond tax adjustments and clarify housing supply areas, quantities, permitting and construction schedules, and measures to stabilize rental markets to reduce market uncertainties. Additionally, strategies to lower housing costs and loan burdens for actual users are seen as necessary to enhance public sentiment.
Restoring trust in the stock market is also crucial. There is a need to address the controversy surrounding leveraged ETFs (exchange-traded funds) and clarify the consistency and predictability of capital market policies, as well as principles for protecting individual investors. The government has emphasized the stock market as an alternative to the real estate-centered asset formation structure, making trust in capital market policies interconnected with overall economic policy credibility.
Real estate and the stock market are directly linked to asset formation for the youth and middle class, which President Lee aims to expand as his support base. If housing price instability and uncertainties in the asset market persist, it will be difficult for the public to fully appreciate the macroeconomic achievements such as exports and growth rates.
Significant upcoming events include the appointment of a new head of the Policy Office, budget processing, follow-up measures for housing supply, and stock market stabilization strategies. Demonstrating a concrete path to connect achievements in exports and AI (artificial intelligence) investments to youth employment, household income, and regional economic revitalization is also a challenge.
The expansion of the president's social media communication will be more effective when aligned with these policy outcomes. It is necessary to delineate roles where direct communication sets the policy direction while the government economic team supports it with concrete policies. The synchronization of messages, policy execution, and public sentiment is essential for restoring trust in governance and boosting approval ratings.
Shin Yul, a professor of political science and diplomacy at Myongji University, stated, "Currently, support is dwindling not only among the 2030 generation but also among the 4050 generation, as they feel their economic interests in real estate and stocks are being compromised, and there is growing anxiety about survival in terms of security. Politics operates in the realm of perception, and changing established perceptions in a short time is very difficult. However, if the Lee administration can convey the impression that it is sacrificing its own interests for the public good, the situation could change."
* This article has been translated by AI.
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