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Debt Bomb Ticking: Will the Local Currency Law Mortgage Our Children’s Future

Debt Bomb Ticking: Will the Local Currency Law Mortgage Our Children’s Future

September 6, 2024 Catherine Williams - Chief Editor Business

People⁢ Power Party Criticizes‍ ‘Local Currency Act’ as ‘Children’s Generation Debt Feast Law’

The People Power Party has strongly condemned the ‘Local Currency Act’ that was pushed ⁣through by the Democratic Party of Korea at the standing committee meeting on the 5th. The party⁤ claims that this law is a ‘children’s generation ‌debt ‍feast law’ and that ​the president should request a reconsideration in the future.

Kim Sang-hoon, the⁤ floor leader of the policy committee, expressed his deep regret over the Democratic ‍Party’s legislative actions, stating that it was an evil law that would require children to repay​ debts exceeding⁣ tens of trillions of won that their⁢ parents took out to make short-term changes.

Floor leader⁣ Choo Kyung-ho also criticized the law, pointing out that it was unprecedented and inappropriate to force the processing of the bill during the government’s interpellation. He emphasized ⁤that the president’s right to demand reconsideration was being undermined by this law.

The People ‍Power Party has urged ‌the president to ​take action and request a reconsideration of the ‘Local Currency Act’ to prevent the burden of debt from being passed on to future generations.

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