Song Eon-seok, floor leader of the People Power Party (PPP), warned on the 10th that "the implementation of the Yellow Envelope Law will expand strikes, contract investment and employment, ultimately leading to a slowdown in domestic demand and increased living burdens for households."
At a floor leadership meeting held at the National Assembly, Song stated, "At a time when external uncertainties are expanding, the government is pushing ahead with the implementation of the Yellow Envelope Law starting today while maintaining excessive real estate demand regulations."
"External shocks such as those from the Middle East are variables beyond our control, but how we respond to them depends entirely on the government's policy capabilities," he said. "Now is the time to prioritize economic policy on people's livelihoods and economic stability."
He added, "I once again strongly urge the government and ruling party to delay the implementation of the Yellow Envelope Law and rationally adjust real estate regulations to pursue a more flexible and realistic response to the economic crisis."
Regarding the upcoming local elections, Song emphasized, "This election is about checking the unchallenged dominance of the Lee Jae-myung administration, which is driving the nation and people's livelihoods into crisis."
"Amid firmly entrenched high oil prices, high exchange rates, and high inflation reminiscent of the IMF financial crisis, fears of a third oil shock are becoming reality due to the Iran situation," he said. "While the KOSPI has risen significantly, the real economy remains frozen, with no end in sight to corporate investment contraction and the employment freeze."
Song criticized, "President Lee Jae-myung is trying to obscure the reality of soaring real estate prices in the capital region and the rental crisis through social media politics, while turning a blind eye to the reality facing self-employed and small business owners."
"The People Power Party will work with the public to hold the Lee Jae-myung government accountable for its economic mismanagement," he said. "The PPP will now put the past behind us and move toward the future. We ask the people to join us in this cause."