Posted on 08/30/2004 5:48:08 AM PDT by TigerLikesRooster
Perils of Good Intentions
Roh's idealism has turned South Korea into a debtor state
By B. J. Lee
Newsweek International
Sept. 6-13 issue - South Korean President Roh Moo Hyun came to power last year as a populist outsider, and in recent months has spelled out spending plans that deliver on his promises in a big way—some say too big. The total amounts to as much as $300 billion over 10 years, a vast sum for a $600 billion economy with an annual government budget of $150 billion. There's $100 billion to support financially troubled farmers and fishermen, $52 billion to build housing for the poor and, in a direct jab at the Seoul elite, nearly $40 billion to move the capital to the southern town of Gonju. Billions more will be spent on the military in the wake of a planned redeployment of U.S. troops, a move hastened by Roh's nationalist rhetoric. "Our economy is too small to pursue all those megaprojects at once," says economist Hong Ki Ttack at Seoul's Chung-Ang University. "We need careful evaluations of those projects."
(Excerpt) Read more at msnbc.msn.com ...
Ping!
Ping!
WHEN will people learn that politicians who call themselves "populists" are just "communists in camo".
Socialism rears its viper head again.
I'm sure the problem is that the wealth hasn't been redistributed enough.
/sarcasm
Something's gotta give.......
Followup:
South Korean Ex-President [Roh Moo-hyun ] Kills Himself
NY Times ^ | 5/22/09 | Choe sang hun
Yes, he did.
Occasionally, I find out that there are folks at FR who keep track of old posts which goes way back in years. Posts I even forgot about.:-)
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