A lot of Koreans complain the economy is in shambles because they believe what they hear and read in the media. Actually, the wealthy are doing great. The divide between the rich and poor is growing, and the rich control an ever increasing share of the wealth in Korea.
Regular Koreans do not earn $29,000 per year, which was the per capita income for Korea in 2017. Yet, a large number of them support the conservative party which is pro-big business and pro-rich.
This is because regular Koreans are not doing so well, so it seems the economy is bad for them. the conservatives, businesses and most media pick up on this and state that progressive policies are ruining the Korean economy. Most regular Koreans used believed this, but fewer and fewer are believing.
Due to the corruption of former presidents Keun-hye Park and Myung-bak Lee (spying on and blacklisting citizens, framing innocent people as North Korean spies, making deals with Korean courts for rulings against labor unions, etc.), support for the conservative party has decreased, in spite of the fact that most Korean media has mounted a vehement campaign against progressive and liberal ideals, calling it socialism and pro-communist. Pulling out all the dirty tricks and name calling. It used to work in the past, but not so much nowadays. They make it a really big deal, if President Moon's popularity falls a little and state it is because of his bad handling of affairs. As if that was BIG NEWS! What travesty!
I hope that common Koreans continue to not listen to the rich and most Korean media. Most media try to taint anything and anyone that is progressive or liberal with negativity.
I hope regular Koreans come to realize that they are suffering due to conservative policies and the wealthy hoarding all the money while treating common Koreans as second class citizens and acting like dictators.
Regular Koreans should boycott greedy enterprises and VOTE for people who will stand up for them. But alas, it seems most don't care.
Tuesday, August 7, 2018
Saturday, August 4, 2018
Korea's GDP Per Capita Was $29,891 In 2017
Korea has the 11th largest economy in the world.
Why is most of the Korean media complaining that raising the minimum wage to a little under $8 an hours going to wreck small businesses and the economy?
Why are they not complaining about unfair labor laws and the growing divide between the rich and poor?
I supposedly live in a half million dollar apartment (condominium). It is very small and run down. I pay about $400 a year in property tax. The extremely wealthy with multi-million dollar homes and buildings pay about the same rate as I do.
As I stated before, I would gladly pay much more in property taxes, if the rich pay their fair share. Supposedly, raising property taxes will cause property values to plummet and ruin the economy according to most Korean media.
Property taxes are between 0.15% to 0.50%, but are levied on the official property value which is about half of the real value. So, in effect it is about 0.08% to 0.30%.
Why is most of the Korean media complaining that raising the minimum wage to a little under $8 an hours going to wreck small businesses and the economy?
Why are they not complaining about unfair labor laws and the growing divide between the rich and poor?
I supposedly live in a half million dollar apartment (condominium). It is very small and run down. I pay about $400 a year in property tax. The extremely wealthy with multi-million dollar homes and buildings pay about the same rate as I do.
As I stated before, I would gladly pay much more in property taxes, if the rich pay their fair share. Supposedly, raising property taxes will cause property values to plummet and ruin the economy according to most Korean media.
Property taxes are between 0.15% to 0.50%, but are levied on the official property value which is about half of the real value. So, in effect it is about 0.08% to 0.30%.
Corporate tax is 10% on income under about $180,000, and 20-22% for amounts over $180,000.
Businesses get preferential electricity rates with regular consumers getting shafted with up to triple rates for peak periods. Consumer rates are much higher than business rates.
I could go on and on.
Joongang Daily: Tax changes for next year narrow the income gap
Editorials complaining about wage increases, reduced working hours and other reforms. Very similar to the tone on TV media, very pro-wealthy.
Joongang Daily: Runaway government
Korea Herald: Substantial, not conceptual, growth
Friday, August 3, 2018
Sending Drug Users To Jail Only Makes Things Worse
Drug users are not criminals. Many rich conservatives abuse prescription drugs, but they don't go to jail. I knew some corporate CEOs that did this. None ever got arrested for abusing prescriptions. Unlike some of my pot using friends.
Time: Want to Win the War on Drugs? Portugal Might Have the Answer
In Korea, conservatives regard pot users as liberals and will do anything to stop pot use, including jailing people. Seems like the US. Using drug laws to suppress freedom.
Time: Want to Win the War on Drugs? Portugal Might Have the Answer
In Korea, conservatives regard pot users as liberals and will do anything to stop pot use, including jailing people. Seems like the US. Using drug laws to suppress freedom.
US Companies Doing Great, Wages Are Not
Sounds familiar. Companies doing well with wages stagnating seems to be the new norm.
Companies seem to be rewarding shareholders and management with ever increasing payoffs, and hellbent on keeping wages down.
Korea already tried tax cuts for the wealthy and businesses several times in the past. It only exasperated the divide between the rich and poor.
Wednesday, August 1, 2018
Korea Monthly Trade Surplus Average Is $50 Billion
For the past seven months, Korea's monthly trade surplus has been about $50 billion.
GDP has grown about 3% this year. Seoul is one of the most expensive cities to live in.
Yet, according to most Korean media, the economy is in shambles due to the increase in minimum wage to about $7 an hour.
The economy for small mom and pop restaurants and stores is bad, with many closing. However, this was the trend before increasing the minimum wage. The problem lies with high rents, high credit card transaction fees and very unfavorable franchise contracts (many would be illegal in the US). Also money does not flow downward into the local economy from the major corporations that export. They are not hiring, not investing and not paying their fair share of taxes. They are not even paying full price for electricity. Just hording money and buying real estate.
Property taxes are appraised according to the official value of the property which is a about 60% or less of the actual value and the rate is probably under 1%. So, in effect, rich property owners pay less than 0.6 percent. Rent is not even properly taxed. There is a tax brake if you report rental income. That's why the rich all have property, and why they hate property tax increases.
Something is not right in Korea.
At least, some are now seeing justice. During the past conservative administrations, Korean courts ruled against labor unions and laborers. Under the present progressive administration, a few are finally seeing justice.
Hankyoreh: Samsung leukemia and KTX cases finally nearing a close after more than 10 years
And to combat high credit card transaction fees, many mobile transaction services have appeared.
Hankyoreh: Seoul Pay to allow direct wire transfers for everyday transactions
There is legislation pending to extend the protection period for renters, so that landlords cannot raise rents exorbitantly, to ten years. There were cases where landlords would raise rents by 1000% or more, after the present protection period of 5 years was over.
I know many landlords who run businesses directly in their buildings, because there are no renters. Since they own the building, it is profitable for them to run businesses. For renters, the rent is so high, they cannot make any profit.
GDP has grown about 3% this year. Seoul is one of the most expensive cities to live in.
Yet, according to most Korean media, the economy is in shambles due to the increase in minimum wage to about $7 an hour.
The economy for small mom and pop restaurants and stores is bad, with many closing. However, this was the trend before increasing the minimum wage. The problem lies with high rents, high credit card transaction fees and very unfavorable franchise contracts (many would be illegal in the US). Also money does not flow downward into the local economy from the major corporations that export. They are not hiring, not investing and not paying their fair share of taxes. They are not even paying full price for electricity. Just hording money and buying real estate.
Property taxes are appraised according to the official value of the property which is a about 60% or less of the actual value and the rate is probably under 1%. So, in effect, rich property owners pay less than 0.6 percent. Rent is not even properly taxed. There is a tax brake if you report rental income. That's why the rich all have property, and why they hate property tax increases.
Something is not right in Korea.
At least, some are now seeing justice. During the past conservative administrations, Korean courts ruled against labor unions and laborers. Under the present progressive administration, a few are finally seeing justice.
Hankyoreh: Samsung leukemia and KTX cases finally nearing a close after more than 10 years
And to combat high credit card transaction fees, many mobile transaction services have appeared.
Hankyoreh: Seoul Pay to allow direct wire transfers for everyday transactions
There is legislation pending to extend the protection period for renters, so that landlords cannot raise rents exorbitantly, to ten years. There were cases where landlords would raise rents by 1000% or more, after the present protection period of 5 years was over.
I know many landlords who run businesses directly in their buildings, because there are no renters. Since they own the building, it is profitable for them to run businesses. For renters, the rent is so high, they cannot make any profit.
Saturday, July 28, 2018
No Time?
Theorists say there are areas of the universe with no time. Centers of black holes. Time before the supposed "Big Bang". Time stands still at the speed of light.
There could be a lot more things that transcend, or are independent of time.
Maybe we should get used to not having time. Pun intended. Just to exercise your thoughts.
There could be a lot more things that transcend, or are independent of time.
Maybe we should get used to not having time. Pun intended. Just to exercise your thoughts.