To select English subtitles, click on the Settings icon at the bottom right-hand corner of the screen, click on the option labeled "subtitles/CC, and choose English.

Video Description

Type: KIHASA Policy Featurette

Topic: Is the national budget in the red?

Guest Speaker: Kim, Woo-chul, Professor, University of Seoul

Transcript

When we look at the total budget amount, we look not so much at  the rate of increase as at how large the expenditure is relative to total tax revenues. The government’s managed fiscal balance has been reported to be in a deficit of 92 trillion won this year. That means the government is spending 92 trillion won more on the economy and the people than it collects from taxes and other sources. These additional funding needs are sourced partly from government bonds and partly from other financial means at the government’s disposal, as I understand it.

Since national expenditures are there for the benefit of the public, there is no problem in trying to spend more for the public. However, budgeting is not meant to be discontinued after a year or two, nor will it be done away with in 20 or 30 years. It must go on as long as the state exists, so sustainability is important…