Here is another example of how South Korea has made it possible to live the American dream without ever stepping foot in the US:

The South Korean government estimates it will take up to 340 trillion won over the next five years to fulfill welfare pledges made by politicians ahead of the general and presidential elections. The government says that kind of proposed spending could threaten the nation’s financial stability. Kim In-kyung files this report.

Report: The South Korean government established a welfare task force to respond to spending pledges made by politicians ahead of the general and presidential elections planned for April and December. Second Vice Minister of Strategy and Finance Kim Dong-yeon presided over the first meeting of the task force on Monday.

The vice minister told reporters after the meeting that an analysis of spending pledges by the ruling Saenuri Party and the opposition Democratic United Party shows the pledges will cost 43 to 67 trillion won annually and 220 to 340 trillion won during the next five years.

Kim said recent campaign pledges by politicians are at a level that could seriously threaten the nation’s fiscal soundness. He explained that an indiscriminate adoption of new welfare systems despite a limited financial pool could reduce welfare for the working class. He added that to meet current campaign pledges, the government will have to raise taxes or issue government bonds.   [KBS Global]

After the next election it looks like Koreans can add unsustainable welfare payments in addition to their massive personal debt and housing bubble as problems they share with the US.  It will be interesting to see if the South Korean government is able to do the pragmatic things to pay for the welfare increases by raising taxes or cutting spending elsewhere.