Rep. Yoo Sungkull of the ruling Saenuri Party said only option we have in securing supplemental budget now is to issue national bonds.

 During the interpellation of the government on economic policies at the National Assembly on June 22, the legislator said one of the reasons for the government to issue national bonds to supplement the emergency budget to augment the economic growth stalled due to the MERS outbreak that the government deficit amounted to 10.9 trillion won last year with the government also incurring deficits in its budget in 2013 and 2012 also.

 Rep. Yoo, who represents the Daegu East-A District in Daegu, went on to note that the issuance of national bonds should increase national debts and worsen the government’s treasury management. Last year, government budget deficits increased 55 percent due to the shortage in tax revenue. He recommended any additional budgets should be tailor-made types and should be studied in terms of soundness of the treasury.

 A number of years before the current government took power, per capita income amounted to $24,000 to $25,000 with that for last year coming to $28,000. It is expected to hit round $30,000 this year. But the people have yet to feel it with their skins with most of key indicators still remaining cool.

 The economic growth by quarters has been confined to zero percent level with the general price increase rate staying around 1 percent level, household and national debts rising fast, worsening job increase rates for youths, rapidly dropping export increase rates and trade surplus, all showing how tough situation is for the nation arousing the fear that the low-growth for the economy would continue to persist to the point of creating a crisis.

 Its been three years since the 19th National Assembly opened its first session, but nothing has been done to improve the livelihoods of the people although the government and the parliament worked hard for Happiness of the People. Every thing around us is  tough including the economy, politics, jobs and the outlook for future. 

 “Future is born from the present,” as the saying goes. We should bear the pain with the people sharing information on the current status of the economy,  and the national livelihood together. Therefore, we should look into the household finance and the national livelihood in detail and do our best to prepare for the future.

 Rep. Yoon hosted the Policy Seminar on Spurring the Service Industry at the National Assembly Hall on June 19 with some 100 experts in the subject area and related areas and related people attending.

 In his speech, the legislator said when the industrial structure develops further to a high level, it will generate value-added, creating better quality jobs in the service industry that should be developed rapidly.

 Rep. Yoo said the proposal for the basic law for the service industry development has yet to pass the National Assembly. The parliament should pass the legislative proposal on the areas other than health and medicine first if possible.

 The MERS caused the health and medical sectors as the key sectors of the service industry in Korea, which should be backed up  with government policies following detailed check-ups of those policies to help the service industry grow fast.

 The Federation of the Service Industries(FSI) is a non-profit organization set up in 2012 with its membership made up of medical, tourism, finance, knowledge service, construction, engineering, design, advertisement, culture and arts, shipping, broadcasting, and communication, among others, with experts running the businesses and organizations that belong to the FSI.