October 14, 2019 11:22
A conservative U.S. think tank last week denounced the economic policies of the Moon Jae-in administration and warned that young people are the worst affected by them.
Riley Walters of the Heritage Foundation said in a commentary on Oct. 7, "The progressive policies of [Korean] President Moon Jae-in are a threat to his nation's economy. Young people in [Korea] are suffering most from those policies as youth unemployment continues to rise."
"Since his election, Moon has been increasingly imposing his policies at an enormous cost to [Koreans]," Walters added, including a drastic hike in the minimum wage and shorter working week.
"The youth unemployment rate in May was 9.9 percent, higher than it was two years ago, when Moon was inaugurated," he said. He added that Korea's government debt increased to $596 million, "at a rate faster than any previous administration," due to Moon's economic stimulus measures.
"Of course, that debt will eventually have to be paid by today's youth -- who can't find work -- in the form of higher taxes in the future," he added.
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