As the current government marks over 500 days in office, its approval rating has plummeted from above 60% to the 30-40% range. Following local elections, the KOSPI index, which surpassed 9,000 in June, has sharply declined, leaving retail investors disheartened.
Power is sustained by the support of the people. When public backing wanes, it is crucial for the government to recognize this crisis, diagnose its causes, and seek improvement. During the National Assembly's audit, it is essential to scrutinize whether the government is fulfilling its responsibilities and to identify solutions to any issues.
There should be an examination of the reasons behind the continuous rise in real estate and rental prices for 90 consecutive weeks, as well as the adequacy of the government's response. Controversy arose when the president of the Korea Land and Housing Corporation, which oversees public housing supply, mentioned the possibility of a real estate crash during a parliamentary session.
Predicting real estate or stock prices is inherently difficult and requires caution, as such forecasts can directly impact the interests of those who rely on them for trading. It raises questions about the appropriateness of a public enterprise leader discussing the potential for a significant drop in real estate prices, which are generally expected to rise, especially considering the potential harm to citizens who might act on such statements.
The ruling party's decision to block the selection of witnesses who could clarify the background of the leverage ETF, which contributed to the stock market's overheating and subsequent sharp decline before the elections, suggests a lack of concern for the pain experienced by many investors. During the National Assembly audit, the Democratic Party, as the ruling majority, should prioritize the welfare of the people over political strife.
A Democratic Party member, mentioned as a candidate for the Minister of Justice, raised concerns in the National Assembly about the college admission of the daughter of lawmaker Han Dong-hoon. However, one must question the relevance of this issue to the lives of the citizens.
When young Koreans gain admission to prestigious universities worldwide, the role of adults should be to support them in their studies so they can contribute significantly to Korea and the world. Should a young student studying abroad, who has already been cleared of any wrongdoing, be subjected to harassment simply because they are the child of a politician from the opposing camp? More effort should be directed toward addressing the needs of the people.
The concept of opportunity cost in business suggests that the time and effort the Democratic Party has spent attacking a lawmaker's daughter could have been better utilized for the benefit of the public.
Recent protests in France, where young people took to the streets in despair and anger, culminating in riots on the Champs-Élysées, serve as a warning. To prevent such situations here, we must focus more on creating housing solutions and job opportunities for youth rather than engaging in political conflict.
Korean culture is admired globally, yet recent controversies surrounding the film 'Assassins' have raised questions about freedom of expression. It is not appropriate to hide behind the shield of free speech while damaging the reputation of individuals and causing significant pain to future generations. A mature cultural nation will emerge when those in the arts understand the innocent suffering they may inflict on others. We must strive for a society that balances political ideology with economic growth and consideration for others.
Those who sacrificed personally for the nation during the Japanese colonial period are considered patriots. Today, it is rare to find politicians willing to make personal sacrifices for the country. Concerns arise that the push for judicial reform, including increasing the number of Supreme Court justices and investigating the Chief Justice, may undermine the legal order for the personal judicial interests of the president.
Politicians like President Lee Jae-myung, who have been fortunate, are rare. He has received favorable rulings from the courts during political crises and became president following an unexpected and reckless martial law declared by former President Yoon Suk-yeol. The revival of the semiconductor market has boosted stock prices and expanded economic flexibility.
However, the recent decline in approval ratings is largely attributed to missteps in personnel and policy decisions.
Inappropriate public office allocations among numerous presidential lawyers, the ongoing rise in real estate prices and rental crises, the negative impact of leverage ETFs on the stock market, a submissive response to North Korean landmines, and concerning signals in South Korea-U.S. relations all contribute to the decline in approval ratings. Despite many investors suffering losses due to the negative effects of leverage ETFs, the process of their introduction remains opaque.
If the government does not humbly heed public sentiment, even past luck will not prevent the people from turning away. Issues that require attention from the government and the National Assembly, instead of political strife, include the appropriateness of real estate regulations that inconvenience citizens, excessive taxation policies, youth job creation, measures for stabilizing stock prices, a rejection of submissive attitudes toward North Korea, improvement of South Korea-U.S. relations, and avoidance of reckless personnel decisions.
Ignoring public sentiment due to confirmation bias will make it difficult for even the heavens to support them. People must make genuine efforts for the heavens to assist them. Public sentiment is the true will of the people.
* This article has been translated by AI.
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