The red signal of the ‘twin deficit’ was turned on, in which the fiscal balance, which shows the state of the country’s treasury, and the current account, which is a measure of external solvency, were in deficit at the same time. The fiscal deficit has grown like a snowball due to lax fiscal management, which pays for the patronage and vain policies with blood. To make matters worse, the country is in a state of crisis where the current account will go flat as more dollars are going out than it is being earned from abroad due to the surge in energy imports. It is said that the consolidated fiscal deficit this year might reach a record high of 100 trillion won. Even in the midst of the collapse of fiscal soundness, the national credibility has been maintained to a certain extent thanks to the trade surplus caused by strong corporate exports, but even this is being shaken. As the amount of energy imports, such as oil, whose prices soared, sharply increased, the largest monthly trade deficit is certain in February as well as in January. Even taking into account the external balance of goods such as brokerage trade, the possibility of a current account deficit is greater than ever. Who will lend money and conduct normal business in a country where the national debt is soaring and the outgoing dollars are more than the earned dollars while sustaining the country’s livelihood with debt for 4 years? To prevent this catastrophic situation, a major shift in fiscal and energy policies is urgently needed. Considering the soaring demand for electricity and the soaring price of fossil energy, there is no choice but to run more nuclear power plants.
The national debt has soared by more than 400 trillion won over the past five years due to fiscal omnipotence, and the dishonor of the household debt ‘heavenly nation’ awaits us this year. In spite of this, both the government and the political circles are still only issuing the supplementary budget. I’m worried because it doesn’t look like they have any intention of stopping the financial runaway. Candidates for the presidential election stand out. According to the Korea Manifesto Practice Headquarters, it is absurd that the budget required to fulfill the promises amounts to 300 trillion won for Candidate Jae-myung Lee and 266 trillion won for Candidate Yoon Seok-yeol. This did not include the budget required for regional pledges, which amounted to tens of trillions of won per case, such as Gadeokdo New Airport and GTX. Where the hell are you going to get all this money? Although it is only a matter of appropriation adjustment, it is almost impossible to reduce the amount of money that has already been used as it was in the previous administration. No matter who becomes president, the country is in disarray. The nuclear phase-out policy must also be abandoned and the flood of promises to be spread must be stopped immediately.
[ⓒ 매일경제 & mk.co.kr, 무단전재 및 재배포 금지]
