Employment catastrophe broke out. According to the employment trend released by the National Statistical Office yesterday, the number of employed in January this year decreased by 982,000 from a year ago. The decline was greatest since December 1998 during the financial crisis. Jobs declined in all age groups, and in-person services such as lodging and restaurants and wholesale and retail businesses suffered more damage. The number of unemployed people also reached 1.57 million, the highest since the statistics were reorganized in June 1999. The perceived unemployment rate for youth aged 15 to 29 soared to 27.2%. As jobs disappeared, the number of people giving up their jobs or taking a break from home has exploded.
The reason that the job market was so sharp was that corporate management was greatly reduced due to the Corona 19 crisis and the aftermath of various regulations. The Corona 19 incident has an aspect that we cannot help. Vaccinations for COVID-19 are starting worldwide, but it will take some time before they can be completely eradicated. The means we can take to create jobs is regulatory reform. However, the government and the ruling party block their ears at the business community asking for the release of regulations and create new regulations. Even now, the cooperative profit-sharing law and class action law that twist the arms of companies are waiting in line. All of these are laws that discourage companies from investing.
The employment tragedy shows that the government’s public job policy has reached its limit. Before the New Year’s budget was executed, the employment figures for the elderly were temporarily cut off. Jobs created by financial expenditures like this will always disappear if the money line is cut off. Nevertheless, the government is blaming the base effect and the weather last year and is in a position that it will continue to inject blood taxes. At yesterday’s meeting of the Central Central Countermeasure Headquarters for Emergency Economy, the government put up measures to reinforce the role of supporting jobs in the public sector, providing more than 900,000 direct jobs in the first quarter.
Deputy Prime Minister Hong Nam-ki said, “January employment will be the bottom and it will show improvement little by little.” The government should no longer conduct hope torture. Where did you say once or twice that employment and the economy are recovering? Jobs created by finances are statistical scams and cannot be real jobs. Excessive fiscal expenditure will result in deficits and aftereffects that snowball government debt. As the number of applicants for unemployment benefits exploded, the employment insurance fund has already run out. As President Moon Jae-in said, it is companies that create quality jobs. The virtuous cycle of investment and employment is possible only when regulations are released. It is absurd to hope that the waterway of employment will open without breaking down the bank of regulations.
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