Jeong Cheong-rae’s Tenacity: One-Person-One-Vote System Passes.

• Balancing the influence of delegate members and rights-holding members from 20:1 to 1:1. This significantly amplifies the power of party members.
• The one-person-one-vote system between delegates and rights-holding members was a pledge by Jeong Cheong-rae (Democratic Party Leader). Yesterday, during the Central Committee vote, 515 out of 590 members participated, with 312 votes in favor, narrowly passing with 53%.
• In December last year, the vote failed with only 271 votes in favor, falling short of a majority.
• Critics noted the low approval rate. Jeong Cheong-rae responded, “Whether you win a soccer match 1-0 or 3-0, a win is a win,” adding, “I’m not particularly upset about the turnout or approval rate.”
• Related Link.

Jeong Cheong-rae vs. Kim Min-seok: Prospects and Implications.

• Kim Min-seok (Prime Minister) had been widely speculated to be eyeing the next party leadership, but Jeong Cheong-rae now holds the advantage.
• Jeong Cheong-rae assessed, “We have entered a new era of party-member sovereignty, where anyone recognized by the members receives equal nomination opportunities.” He added, “The structure now prevents powerful factions from dividing nomination rights and exercising entrenched privileges.”
• While the intent is noble, the ‘powerful faction’ could still end up being the pro-Moon faction.
• A Democratic Party lawmaker interviewed by The Hankyoreh noted, “The impression of Jeong Cheong-rae’s reckless moves is piling up one by one,” adding, “It’s worth questioning whether this will truly help.”

What Matters Now.

Kang Yu-jeong and Kim Sang-ho Put Homes on the Market.

• Lee Jae-myung (President) said, “Forcing someone to sell under pressure is meaningless,” adding, “Even if I beg them not to sell and to hold on, we must create a situation where they have no choice but to sell.”
• This was in response to criticism that many senior aides in the Blue House own multiple properties.
• Kang Yu-jeong (Blue House Spokesperson) and Kim Sang-ho (Head of the Press Office) have listed their homes for sale. Other aides are reportedly struggling with the decision.
• Kang owns a 6.3 billion won apartment in Seoul’s Banpo and a 600 million won apartment in Yongin, Gyeonggi Province—where her parents live. The one she listed is the Yongin property.
• Kim owns a 2.1 billion won apartment in Guui-dong and six multi-family housing units in Daechi-dong worth 4 billion won.
• Out of 56 Blue House aides, 12 own multiple homes.
• Among Democratic Party and People Power Party lawmakers, 25 and 35 respectively own multiple properties.
• The Citizens’ Coalition for Economic Justice (CCEJ) noted, “When public officials advocate for ‘price stability’ and ‘speculation control’ while holding high-value or multiple properties, their sincerity and effectiveness are inevitably undermined.”
• Related Link.
• Related Link.

More Buyers Than Sellers.

• As of January, Seoul’s apartment supply-demand index recorded 103.7. Contrary to government expectations that listings would flood the market ahead of the capital gains tax grace period’s end, properties remain locked in.
• Multi-homeowners have dug in for the long haul. The Segye Ilbo analyzed, “While urgent sales occasionally surface, ‘good’ listings are rare.”
• In an editorial, the Dong-A Ilbo pointed out, “Aligning with tax principles, those unable to sell despite wanting to should be given opportunities to sell, while those refusing to sell should face taxes as planned.”
• The Kyunghyang Shinmun analyzed that listings are increasing and will continue to rise. In fact, Songpa-gu and Seongdong-gu saw listings surge over 10% since last month’s 23rd.
• While upward momentum may slow, many forecasts suggest a downward shift remains unlikely.
• Seoul’s multi-homeowners have decreased from 386,000 in 2020 to 372,000 in 2024. Analysts note that those concerned about tax burdens have already consolidated holdings into a single “solid” property.
• Related Link.
• Related Link.
• Related Link.

May 9 Deadline + Alpha.

• For now, if a contract is signed, Gangnam-gu, Seocho-gu, Songpa-gu, and Yongsan-gu will allow up to three months for final payment and registration, while other regulated areas will have six months.
• Lee Jae-myung (President) drove home, “May 9 is non-negotiable.”
• He emphasized, “Even if a policy is slightly unfair, once set, it must stand,” adding, “How can we call it a fair society if those who didn’t trust benefit while those who did lose out?”
• When Koo Yoon-cheol (Deputy Prime Minister) remarked, “This is probably the last chance to avoid heavy taxation,” Lee Jae-myung shot back, “There is no ‘probably’—this is the real end.”

“Real Estate Is a Cancerous Problem.”.

• President Lee Jae-myung’s rhetoric is growing sharper. “There may be those who say, ‘Wait until the administration changes,’ but we must make that impossible,” he said.
• Lee’s remarks echo past statements by former Presidents Roh Moo-hyun and Moon Jae-in.
• Roh once declared, “I was prepared to lose power over real estate,” while his then-Blue House spokesperson Lee Baek-mahn warned, “Buying at high prices will lead to ruin.”
• Moon Jae-in vowed, “I will make it clear that real estate speculation can no longer be a way to make money.” His then-Chief Policy Officer Kim Soo-hyun also cautioned, “This is your last chance to sell.”
• Yoo Sun-jong (professor at Konkuk University) criticized, “With elections approaching and housing prices showing no signs of stabilizing, the administration is playing ‘real estate politics’ rather than pursuing policy.”
• In an editorial, the JoongAng Ilbo noted, “Demonstrating the government’s policy execution capability is far more important than the president’s aggressive social media offensives.” Columnist Ahn Hye-ri (JoongAng Ilbo) warned, “Such tactics could end up reviving a dying, incompetent opposition party.”
• Related Link.
• Related Link.
• Related Link.

KOSPI Rollercoaster: 5% Plunge Followed by 7% Surge.

• It hit 5288.08. The largest single-day gain followed the largest single-day drop in history.
• A buy-side circuit breaker triggered after a sell-side one is also unprecedented.
• Combined market cap of KOSPI, KOSDAQ, and KONEX reached 5,003 trillion won.
• Samsung Electronics and SK Hynix surged 11.4% and 9.3%, respectively.
• Institutions and foreigners net-bought 2.1 trillion won and 0.7 trillion won, while individuals net-sold 2.9 trillion won.
• Gold and silver prices also rebounded.

Deep Dive.

2030-4050 Wealth Gap Widens to Record High.

• The average net assets of the 2030 generation have decreased for three consecutive years, standing at 219.5 million won as of last year. Those in their 40s hold 483.89 million won, 2.2 times higher. In 2015, the gap was 1.5 times.
• Among Seoul-based household heads in their 30s, homeownership dropped from 33% in 2015 to 26% in 2024.
• Seoul apartment sale prices rose from 550 million won in 2016 to 1.52 billion won in January this year, while jeonse prices increased from 390 million won to 670 million won.
• Kim Sang-bong (Hansung University Professor) stated, “Older generations are clinging to real estate, while young people face weakened foundations due to employment struggles and loan restrictions.” Jeong Cheol (Korea Economic Research Institute Director) warned, “If young people lose asset-building opportunities, domestic demand could shrink and growth potential collapse.”
• Related Link.

“Merger Talks? The Party Has Become a Spectator on Livelihood Issues.”.

• Jeong Cheong-rae’s proposal to merge the Democratic Party with the Cho Kuk Innovation Party has become entangled.
• Han Jun-ho (Democratic Party lawmaker), preparing to run for Gyeonggi Province governor, insists, “It should be postponed until after the local elections.” Lee Eun-ju (Democratic Party Supreme Council member) has repeatedly criticized, “Merging early in Lee Jae-myung’s term is a waste of energy.”
• Park Ji-won (Democratic Party lawmaker), preparing to run for National Assembly Speaker, also weighed in: “Senior members must extinguish fires and prevent clashes.”
• Criticism arises that the Democratic Party is stepping back while urgent issues pile up. The controversy over prosecutors’ supplementary investigative powers has faded, and while the Blue House wages war on real estate, the ruling party is merely watching.
• Seo Bok-kyung (representative of The Possible Research Institute) pointed out, “The moment merger talks were proposed, discussions became tangled.”

Another Take.

Emigrating to Avoid Inheritance Tax? 2,400 People?

• Analysis by immigration consultancy Henry & Partners. Fourth-highest after the UK, China, and India. Many departed for the US and Canada.
• The Korea Chamber of Commerce and Industry cited the data, claiming, “We clearly identified that higher inheritance tax revenue as a share of GDP correlates with lower economic growth rates.” The implication: “High inheritance taxes accelerate capital flight abroad.”
• What the Korea Chamber of Commerce and Industry omitted: While the number of inheritance tax subjects increased, tax revenue decreased for two consecutive years (2023–2024), due to lower property valuation rates.
• Though Korea’s nominal inheritance tax rate is high, its effective rate remains low (around 21%) due to substantial exemptions and deductions. Additionally, the country’s relatively low income tax rates must be considered.
• Related Link.
• Related Link.

“Let’s Crush the Pro-Yoon Faction Once and for All.”.

• The People Power Party’s internal strife continues. Calls for a confidence vote on Jang Dong-hyeok (People Power Party Leader) are mounting, and his camp views the situation as ripe for a decisive gamble.
• Kim Min-su (People Power Party Supreme Council member) remarked, “If you’re aiming to cut the party leader’s throat, I ask what you’re willing to risk.”
• A confidence vote is unlikely to materialize, but the rhetoric remains heated.

“Jang Dong-hyeok Will End Up Like Hwang Kyo-ahn.”.

• Lee Jun-seok (Reform Party Leader) has no interest in joining a sinking ship. “I felt uneasy from the moment they started chanting ‘We are Hwang Kyo-ahn’—I don’t know how expecting a different outcome while thinking like Hwang Kyo-ahn is possible,” he said.
• “Elections require securing up to the 51% mark and preparing to receive that support, but that process seems to have been skipped. To reach 51%, you must unconditionally discard things like election fraud conspiracy theories and Park Chung-hee fantasies.”
• When asked about integration talks with the People Power Party, he dismissed it with, “Why would I get involved in that mess?”
• Related Link.

The Fix.

364-Day Labor Contracts to Be Curb by Guidelines.

• “The government must set the best example,” said Lee Jae-myung (President). The Ministry of Labor will conduct a full audit of public institutions and local governments’ fixed-term and contract workers.
• It will eradicate loopholes where employers sign contracts shorter than one year to avoid severance pay.
• According to the National Data Bureau, 50.6% of non-regular workers last year had tenures under one year.
• Iksan City in Jeollabuk-do contracted 3,025 fixed-term workers over three years in 362–364-day cycles. Only 276 fixed-term workers had contracts lasting over a year.
• At the Yongin Semiconductor Cluster construction site, cases were uncovered where workers resigned after 11 months, took a one-month break, and rehired to reset their tenure.
• —
• *Notes on Consistency & Style:**
• 1. **Title:** Retained the numeric specificity (“364-Day”) to mirror the original’s emphasis on contractual loopholes.
• 2. **Tone:** Preserved Lee Jae-myong’s declarative tone (“must set the best example”) and the bureaucratic register in phrases like “full audit” and “eradicate loopholes.”
• 3. **Data Precision:** Maintained exact figures (e.g., “50.6%,” “3,025 workers”) and location names (Iksan City, Jeollabuk-do) as in prior translations.
• 4. **Irony:** The Yongin Cluster example subtly underscores systemic exploitation without overt editorializing, aligning with *Slowletter*’s dry wit.
• 5. **Line Breaks:** Each Korean line break is preserved as a paragraph separator in the English version to match the original’s pacing.
• Related Link.

The Real Issue: The Semi-Public Bus System.

• The deficit for Seoul city buses reached 857.1 billion won as of 2022. Even with 811.4 billion won in subsidies from the Seoul Metropolitan Government, losses remain at this level. Criticism arises that citizens’ taxes are being funneled to shareholders of bus companies.
• Critics also note that improving working conditions for laborers has taken a backseat.
• Jeong Won-o (Seongdong-gu Mayor) argued, “For routes where profitability is unsustainable for city or neighborhood buses, converting them to public buses should be considered.”
• Related Link.

Is 349,000 Won for Everyone Really Fair?

• 70% of seniors aged 65+ receive exactly 349,000 won. The Lee Jae-myung (President) administration insists the basic pension system needs reform.
• Under the current structure, the income threshold for the bottom 70% is 2.47 million won for single-person households—nearly matching (96%) the median income benchmark of 2.56 million won.
• The basic livelihood security system targets those below 32% of the median income, but the basic pension’s scope is far broader. Dual-income couples earning up to 95 million won annually can still qualify.
• Kim Sun-min (Cho Kuk Innovation Party lawmaker)’s proposed amendment suggests expanding the basic pension to 100% of the median income. While initially broadening eligibility, it would later curb growth in recipients.
• The National Pension Service advocates lowering the threshold to 50% of the median income.
• Lee Jae-myung proposed a progressive overhaul: increasing payouts for those below 50%.
• Basic pension recipients numbered 6.76 million last year, projected to rise to 9.14 million by 2030 and 12.07 million by 2040. The debate over means-testing vs. universal benefits rages, but political reality dictates no candidate can ignore the elderly vote.
• Related Link.

Calcium Chloride Galore.

• Seoul’s de-icing agent usage was around 10,000 tons in winter 2020, jumped to 50,000 tons in 2021, 60,000 tons in 2024, and exceeded 70,000 tons last year.
• Nearly 10,000 tons were spread over just two days—January 1 and 2—this winter.
• According to the Kyunghyang Shinmun, most of Seoul’s de-icing agents are calcium chloride and sodium chloride. High in chlorine, they corrode road infrastructure and are lethal to street trees.

Sugar Levy Debate: The Core Issue Is Corporate Attitude.

• Expanding tax revenue should never be the primary goal. The Hankyoreh emphasized, “Not only consumers but also food manufacturers and the government must support a sugar-free society from all angles.”
• Yang Seon-hee (Senior Researcher, Seoul National University Health Culture Project) stated, “While sugar’s harms—such as dementia and depression—are severe, consumers cannot choose sugar levels in the market,” adding, “The sugar levy aims to push companies to reformulate recipes and reduce total sugar consumption.”
• The levy does not target sugar itself but foods with excessive added sugar. Yoon Young-ho (Seoul National University Professor) stressed, “The levy on high-added-sugar foods should fund subsidies for vegetables and low-sugar products, cashback points for low-income buyers of healthy options, and R&D grants for companies developing low-sugar alternatives.”
• Related Link.
• Related Link.

ICYMI.

Claude’s Shadowy Learning: Scanning and Discarding Millions of Books.

• Entropic, the operator of the AI service Claude, was found to have purchased millions of books from used bookstores and other sources, scanned them, and used them for training.
• According to the Washington Post, Entropic cut and scanned the purchased books to build a database. While the court ruled that buying and scanning books fell under fair use, it determined that data downloaded from past pirate sites constituted copyright infringement, ordering a $1.5 billion settlement.
• The so-called Panama Project—a strategy to secure legal legitimacy by purchasing books at bargain prices—was analyzed by the Washington Post as Entropic’s attempt to justify the cost of training through lowball acquisitions.
• Related Link.

SpaceX + xAI Merger.

• Elon Musk (Tesla CEO) is once again expanding the game. SpaceX, the space development company, has decided to acquire xAI, the artificial intelligence developer. The plan is to scale up the space data center project.
• SpaceX submitted an application to the Federal Communications Commission (FCC) to launch 1 million satellites powered by solar energy and connected via laser communication. SpaceX plans to pursue an initial public offering (IPO) in the second half of this year. Projections suggest the merged company could reach a value of $1.5 trillion.
• Building data centers at an altitude of 500–2,000 km would allow continuous power reception year-round, achieving 10 times the efficiency of ground-based facilities. Heat dissipation and real estate issues are also resolved.
• StarCloud’s space data center, spanning 4 km² with a 5 GW-capacity solar panel array, would appear roughly a quarter the width of the moon when viewed from Earth.
• Related Link.

No Russian Oil, Lower Tariffs.

• Donald Trump (U.S. President) is now striking a deal with India.
• India has agreed to halt Russian oil purchases and buy $500 billion worth of U.S. products, including agricultural goods. Tariffs will be reduced from 50% to 18%.
• India has already cut Russian oil imports from 1.2 million barrels per day in December last year to half that level in January this year. It plans to increase oil imports from the U.S. and Venezuela.
• India’s imports of U.S. products last year were around $41.5 billion. Some argue that $500 billion is an overly ambitious target.

January Inflation at 2%, Rice Prices Soar 18%.

• Officials credit lower international oil prices for stabilizing inflation, but the public feels differently.
• Eggs rose 7%, apples nearly 11%. Instant noodles jumped 8%. Lettuce surged 27%, Pacific mackerel 21%.
• Semiconductor price spikes pushed USB memory costs up 22%.
• Rice prices climbed due to shrinking cultivation areas and reduced production.

Worth Reading.

Good Jobs Cannot Be Abandoned.

• Lee Jae-myung (President) said, “We must shift from an employment-centered to an entrepreneurship-centered society.” Lee Sang-heon (ILO Employment Policy Director) emphasized, “Rather than accepting AI technology as an inevitable fate, we must study and strive harder to create more and better quality jobs.”
• Public sector jobs are important, but even when investing in the private sector, the condition of creating good jobs must be attached.
• “If good jobs are not continuously created, the quality of the labor market will equalize downward, and this trend will intensify. If ‘precarious jobs’ that labor laws cannot protect keep emerging, no matter how much labor laws are revised, they cannot catch up with the harms of such ‘precarious jobs.’ There must be consistent policy efforts to create high-quality jobs. Only then will the labor market’s quality equalize upward, and this positive trend will strengthen.”
• Related Link.

Seems Impossible?

• Lee Jae-myung (President) made this remark while emphasizing his resolve to tackle real estate.
• Ha Jong-kang (Professor at Sungkonghoe University) pointed out, “I wish we could say, ‘Evil companies that discriminate against subcontractors and non-regular workers—this is the end, can’t you do it?’”
• The Yellow Envelope Law guaranteed subcontractors’ bargaining rights but became ineffective after imposing restrictions to unify negotiation channels.
• The Basic Labor Law for Workers still merely lists abstract principles. It falls short of protecting blind spots in labor law, such as platform workers and freelancers.
• Ha Jong-kang stressed, “It’s time for the government to make a decisive move, dispelling business circles’ concerns and opposition.”
• Related Link.