South Korea's Blue House clarifies 'cost of success' remarks amid public outcry

South Korea's presidential office, the Blue House, has moved to de-escalate a controversy sparked by a senior policy official's remarks describing the current economic hardships as the "cost of success." Kim Yong-beom, the chief policy secretary, had written on Facebook that high interest rates, high inflation, and high exchange rates were "inevitably accompanied costs" as the Korean economy advances to a new level.

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The government sternly recognizes that the current situation can place a significant burden on small businesses and the economy of ordinary citizens.

Responding to the criticism, a Blue House official stated on May 26 that the government "sternly recognizes" the significant burden these economic conditions impose on small businesses and ordinary citizens. The official emphasized that the government is diligently pursuing measures such as expanding financial support for vulnerable groups, continuously monitoring and stabilizing prices of key goods, and managing real estate and foreign exchange markets. The Blue House also pledged to reflect tasks aimed at easing the public's burden in the latter half of the year's economic strategy and next year's budget plan, while establishing a system to preemptively manage potential risks.

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Chief Policy Secretary Kim Yong-beom said that high interest rates, high prices, and high exchange rates are the 'cost of success' inevitably accompanied by the Korean economy's leap to a new dimension.

The controversy gained traction as opposition parties sharply criticized Kim's statement. Jang Dong-hyuk, floor leader of the People Power Party, held a press conference stating, "Chief Policy Secretary Kim Yong-beom said that hardship in making a living is the cost of success, urging a change in perspective." He argued that if the government hears the "cries of the people's livelihoods" as the "cost of success," it is living in a "different world from the public." Jang stressed the need for voters to "clearly teach them reality" in the upcoming elections.

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If the cries of the people's livelihoods are heard as the cost of success, the Lee Jae-myung administration is living in a different world from the public.

Song On-seok, another party leader, echoed the sentiment, calling Kim's remarks "sophistry to cover up the distorted face of economic policy failure with makeup" while the public's suffering grows. He strongly urged President Lee Jae-myung to "immediately dismiss Kim Yong-beom, who made such a thoughtless remark detached from the people's lives, and re-examine economic policies from scratch."

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The public's suffering is growing this much, yet calling it a 'process of leap' is nothing but sophistry to cover up the distorted face of economic policy failure with makeup.