[Editorial] Face up to reality

Despite the unemployment crisis, Cheong Wa Dae and the ruling party have chosen to ignore reality.Though most economists are advising the government to change its policy direction, senior officials adhere to the belief that the income-led growth policy has not kicked in yet.So does President Moon Jae-in. “We put job creation at the center of state affairs and have employed policies and fiscal measures accordingly, but in hindsight I cannot but admit they were not enough,” he said to his senior s

Aug. 23, 2018

[Editorial] Chey’s legacy

Business magnates often have a considerable impact not only in the business world, but on society as well. Look at people like Steve Jobs, the late co-founder of Apple, and Jeff Bezos, the founder of Amazon. Many people stand in awe of them as much for their creativity and innovation as for the wealth they created and amassed. Then think about Bill Gates, the founder of Microsoft, who is as well-known for his philanthropy as for his success as the creator and leader of the software juggernaut. T

Aug. 22, 2018

[Editorial] Increase reunions

A group of 89 South Koreans met with their North Korean relatives at the Kumgangsan Resort in North Korea as part of a three-day reunion for families separated by the 1950-53 Korean War. They will return to the South on Wednesday.Likewise, for three days beginning Friday, 83 North Koreans will be reunited with their South Korean relatives at the same hotel.Participants were selected by lottery, and most of those who wanted to be there had to take comfort in watching the event on television. It i

Aug. 21, 2018

[Editorial] Change job policies

Economy-related ministers, the Cheong Wa Dae chief policymaker and ruling party floor leader held an emergency meeting Sunday to discuss ways to tackle the worsening employment situation.　The number of those employed increased by a mere 5,000 in July from the same month last year, the worst figure since July 2010. The on-year employment increase shrank to one-63rd of last year’s monthly average increase of 316,000. 　It was a belated but much-needed wake-up call regarding the seriousness of the j

Aug. 20, 2018

[Editorial] More to do

The National Assembly’s decision to scrap most of the controversial “special activity funds” that had been received by lawmakers like pocket money was long overdue. It is imperative that offices in the executive and judiciary branches follow suit. The funds in the special activity accounts of public offices are intended to finance government operations that require confidentiality, including intelligence gathering, clandestine investigations and other covert operations. In general, the funds are

Aug. 19, 2018

[Editorial] Not enough time

The team of special counsel Huh Ik-bum investigating a high-profile online opinion-rigging case has made the right decision to seek a warrant to detain a key figure in the case -- South Gyeongsang Gov. Kim Kyoung-soo. Half a dozen people suspected of collaborating with Kim for the alleged massive manipulation of online posts are in detention. Therefore, it is only fair that the special counsel team seek custody of the governor who had allegedly maintained relationships with the suspects since la

Aug. 16, 2018

[Editorial] Value consumers

The Ministry of Land, Infrastructure and Transport has ordered local authorities to ban people from driving recalled BMWs that have not received emergency safety checks. Drivers cannot use the cars except to drive them to have the required checks done. 　It is the first time the ministry has banned people from driving a specific make of vehicle. The unprecedented measure was taken to ease concerns following dozens of BMWs catching fire this year. It seems an inevitable step to prevent additional

Aug. 15, 2018

[Editorial] Real problem

The news that the two Koreas have agreed to schedule a third meeting between their leaders in Pyongyang in September raises a number of questions. The first is why the two sides have not yet announced dates for the meeting. The joint press statement for the high-level inter-Korean talks held Monday at Panmunjom said only that President Moon Jae-in and North Korean leader Kim Jong-un would meet in Pyongyang in September. More baffling is the strong indication from the North Korean chief delegate,

Aug. 14, 2018

[Editorial] Raise return on investment

Ahead of a public hearing Friday on proposed reforms to the national pension scheme, people are speaking out against the changes.　The hearing will deal with some of the recommendations that a committee of independent experts handed down to the government. The committee’s role is to offer long-term projections every five years for the National Pension Fund, and to recommend systemic improvements. The recent suggestions included raising premiums, extending the term during which people are required

Aug. 13, 2018

[Editorial] No longer fresh

President Moon Jae-in and North Korean leader Kim Jong-un are seeking to set up their third meeting. It would be good for them to meet again, but the planned meeting should not be talks for the sake of talks. The summit should produce concrete action plans on denuclearizing the North. The first clues as to the prospects of the planned summit may come at inter-Korean high-level talks to be held Monday at the northern side of the truce village of Panmunjom. In proposing the minister-level talks, t

Aug. 12, 2018

[Editorial] Desirable shift

The government seems to be shifting the focus of its economic policy from income-led to innovation-driven growth.Innovation-driven growth is a strategy to grow the economy through investments in new technology and venture companies and the promotion of business startups. At its core is the elimination of vested interests and outdated regulations that corrode productivity and innovation. Changeover to the strategy is desirable.President Moon Jae-in Tuesday urged the easing of regulations against

Aug. 9, 2018

[Editorial] Under own feet

There is a Korean saying that “the foot of the candle is dark.” It sometimes refers to a situation in which you are not well aware of something happening to you or what you are doing. The adage seems to fit well into the suspected South Korean imports of internationally banned North Korean coal. 　The suspicions of the smuggling of North Korean coal have been growing since there were first reports about two vessels which brought in 9,700 tons of North Korean coal disguised as coal from Russia las

Aug. 8, 2018

[Editorial] Natural duty

Minister of Economy and Finance and Deputy Prime Minister for the Economy Kim Dong-yeon met with Samsung Electronics Vice Chairman Lee Jae-yong on Monday when Kim visited its Pyeongtaek campus in Gyeonggi Province. Kim reportedly asked Lee to take a leading role in building the nation’s growth momentum, while Lee said he would try to create jobs. But there was no disclosure of Samsung’s investment and employment plan. Their rare meeting ended in an event for show without an in-depth dialogue abo

Aug. 7, 2018

[Editorial] Wide gap

The latest developments show there is still a wide gap between the US and North Korea over how to achieve the North’s denuclearization. The side that needs to try harder to narrow the gap, of course, is North Korea. But what has happened recently indicates the North is going in the opposite direction. A recent flurry of reports that the North is continuing its nuclear and missile-related activities and that it has been violating the UN-led sanctions are lead examples. The good point is that the

Aug. 6, 2018

[Editorial] Stop passing the buck

The debate on four sets of government plans to reform the college admission system for current third-year middle school students has gone back to square one. A group of citizens selected by the Presidential Committee on National Education to study the plans and choose one of them said Friday that none of the plans received the support of a majority.A poll of 490 citizens in the group showed support for the two most favored plans was not statistically different, as the gap between them was within

Aug. 5, 2018

Editorial

Evidence piling up Special counsel hones in on close associate of President Moon The team of special counsel Huh Ik-bum investigating a high-profile online opinion-rigging case raided the offices and residence of South Gyeongsang Gov. Kim Kyoung-soo on Thursday. It is a belated move, but Huh’s team should be cheered on. The raid, based on a court-issued warrant, reflects the accumulation of evidence pointing to a close, suspicious relationship between Kim and another key figure in the case, a

Aug. 2, 2018

[Editorial] Do not quit day job

The stewardship code the National Pension Service decided to adopt raises concerns that it may be used for the government to control companies.Health and Welfare Minister Park Neung-hoo announced on Monday the fund management committee -- the highest decision-making body of the NPS -- decided to introduce the code, a set of principles that require it to be active in exercising voting rights as shareholder in companies in which it invests. He said the code allows the service to get involved in th

Aug. 1, 2018

[Editorial] Ethics bar

The unending series of scandals involving Gyeonggi Gov. Lee Jae-myung has emerged as a hot issue in the leadership contest of the ruling Democratic Party. It is good the suspicions which had not been dealt with properly have come to the fore at the party level finally. The scandals involving Lee, a former presidential candidate who was elected Gyeonggi governor in the June 12 local elections on the ruling party’s ticket, have persistently raised ethical questions about the controversial politici

July 31, 2018

[Editorial] Do not lower guard

The recently finalized military reform plan causes concern about the weakening of defense. According to “Defense Reform 2.0” reported to President Moon Jae-in on Friday, the current 618,000-strong military will be downsized to 500,000 by 2022, shedding 118,000 troops from the Army. The length of mandatory service for Army draftees will be shortened from the current 21 months to 18 months by 2022.Given the low birthrate, military strength is bound to shrink. At the same time North Korea has compl

July 30, 2018

[Editorial] Constantly double-faced

It is good news that the US recovered from North Korea 55 sets of remains of American soldiers killed during the 1950-53 Korean War. The goodwill gesture from the North should not, however, raise too much optimism about its denuclearization. The repatriation of the first batch of remains was in line with an agreement made by US President Donald Trump and North Korean leader Kim Jong-un in their June 12 historic summit in Singapore. Thinking about the family members whose wishes to get back the r

July 29, 2018