When they reduced corporate tax about a decade ago, they argued that businesses would reinvest their profits and increase employment. The conglomerates did not neither. In fact, they reduced employment and investment. They promised many times to increase employment and investment, but did not. They are promising again to invest hundreds of billions of dollars and increase employment, but I seriously doubt they will keep their promises.
Another critical article typical of Korean media blaming increased minimum wage and critical of the Moon administration. Most Korean media do not seem to want a progressive government to win in the next National Assembly and Presidential elections. The conservative party's popularity is at an all time low, yet they have yet to mention this in the news. Most media spend all their time criticizing the Moon administration and anyone progressive or liberal. At the same time, they give a lot of air time and attention to conservative views.
Korea is still run by the conglomerates and the wealthy, at the expense of the people.
Korea Herald: Gov't shifting from 'income-led growth'
A more objective article explaining some of the reasons for the loss of jobs.
