By I knew there had to be something to Lee Myung-bak’s embracing of global warming. Like most politicians he has embraced it for practical
South Korea is still struggling to shake off the legacy of decades of government-led industrial policy. So it’s disappointing to see these ideas reinvigorated by the Lee Myung-bak administration under the cloak of “green growth.”
Seoul announced this week that it would spend 107 trillion won ($84 billion) over five years on environmentally related industries. That’s on top of 50 trillion won pledged in January’s Green New Deal and several hundred trillions more promised over the past year to chaebol bailouts and loan guarantees to small- and medium-sized businesses.
The government says the spending plan will create 1.56 to 1.81 million new green jobs. There is no way to disprove this claim — it’s a finger-to-the-wind number based on assumptions about future growth. If Korea’s unemployment numbers decline, Mr. Lee can say he “saved” jobs by spending money; if they rise, he’s contributed by “creating” jobs.
One thing is for sure: Mr. Lee’s Keynesian habits are taking a toll on South Korea’s finances. The country’s fiscal deficit as a percentage of GDP (excluding monies received from social security funds), is projected to hit 5% this year, up from a 1.5% deficit last year. Most of this deterioration comes courtesy of government-related policy spending and the debt to issued to fund it. [Wall Street Journal]
Read the rest. It figures that creating “green jobs” is nothing more than a cloak to cover government bailouts to the Korean chaebols and government spending programs.
8:56 pm on July 10th, 2009 1
Green development of the last few untouched areas near the DMZ?
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12:19 am on July 11th, 2009 2
With the huge tidal differences in the West Sea, Korea should be leading the world in tidal power generation research.
That would be an investment in green technology that would not only hook up the chaebols but would also have real benefits to the Korean environment and economy.
Also, Korea has the educated workforce and the manufacturing infrastructure to be a world leader in electric cars…
…instead of the currently-produced, oil-importing, cookie-cutter SUVs and sedans which appear to be hewn from solid blocks of boredom and mediocrity.
This, too, would have a beneficial effect on the Korean economy and environment.
These investments would give a real return on spent tax money…
…and the public would be behind it… and, with its success, the president who pushed it would go down in Korean (and maybe global) history as a great leader.
Hear my cry, President Lee!
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2:33 am on July 11th, 2009 3
This dude looks familiar, like some cartoon character from the past or some other famous picture. When I figure it out I’ll post it.
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2:41 am on July 11th, 2009 4
MJ4life,
Ever heard of Marilyn Manson?
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