(EDITORIAL from Korea Herald on Nov. 12)

Résumé détaillé

The Future Response Fund, now under review by the National Assembly as part of n...

Future fund's misuse: Fund meant to invest in tomorrow is becoming piggy bank for today

The Future Response Fund, now under review by the National Assembly as part of next year's budget, is showing signs of becoming the Lee Jae Myung administration's personal piggy bank, just as critics feared.

The government plans to launch the 162.3 trillion won ($121.5 billion) fund next year, using additional tax revenue generated by the semiconductor export boom. It is meant to prepare for "the future" through investment in four areas: advanced industries, young people, regional development and education and talent development.

In reality, however, little of the proposed spending appears to serve that mission.

According to the National Assembly Budget Office, nearly half of the 45.4 trillion won allocated to these four priority areas next year will fund recurring programs, including basic allowances for children, basic income for farming and fishing communities and the Future Savings Account for young people.

Nor is populist spending in short supply. The plan includes 1 million won grants for newlyweds and scholarships for students entering regional national universities. It also sets aside 5.67 billion won for ministerial and vice-ministerial residences and 100 billion won for special allowances at public institutions.

Such expenditures are plainly a far cry from investment in the future. A fund created to address long-term national challenges should not become a convenient source of money for routine expenses or politically attractive giveaways.

Of the fund, 15.3 trillion won is earmarked for regional support, yet oversight of money transferred to local governments is also worryingly lax. Unspent portions of regular central government grants must be returned when a project is completed. Under a special provision for the Future Response Fund, however, local governments may keep unused money and spend it on similar projects.

The government is also seeking to make "multipurpose centers…

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