The People Power Party has been hammering the ruling Democratic Party of Korea and the Lee Jae Myung administration over a string of policy missteps — from real estate measures to single-stock leveraged ETFs and the abolition of prosecutors' supplementary investigative powers — yet the offensive has so far failed to reverse the party's fortunes. A polling lead the PPP briefly opened over the Democratic Party right after the local elections has already flipped back within a month.
Political sources say the PPP has been steadily ratcheting up its attacks on the government and the ruling party. Party leader Jang Dong-hyeok took to Facebook on Wednesday to criticize the administration over all three issues at once — real estate policy, the leveraged ETF controversy and the move to strip prosecutors of supplementary investigative powers.
On real estate, Jang said the government had already decided to raise property holding taxes and scrap a long-term special deduction, yet was now spending public money to hold a grand real estate debate forum. "People are in danger of losing the one home they worked so hard to buy — taken away through taxes," he said.
Turning to the stock market, Jang said markets were in freefall while President Lee Jae Myung was doing nothing but pressuring the Financial Supervisory Service and the Korea Exchange. He called on the president to dismiss policy chief Kim Yong-beom and overhaul the entire economic team.
On the abolition of prosecutors' supplementary investigative powers, Jang criticized the move as a policy pushed only by hardcore Democratic Party loyalists and leadership contenders, saying it was designed to protect the administration's grip on power and entrench vested interests.
Floor leader Jeong Jeom-sik also weighed in on the introduction of single-stock leveraged ETFs tied to Samsung Electronics and SK Hynix, calling it "the worst decision ever made, turning the stock market into an abnormal casino." He urged President Lee to fire policy chief Kim Yong-beom, whom he called the "chief culprit behind the leveraged ETF disaster," and to rebuild the economic team from the ground up.
Despite the sustained offensive, the PPP has been unable to shift public opinion in its favor.
A Realmeter survey commissioned by Energy Economy News and conducted July 11 through July 12 showed the PPP at 44.3 percent and the Democratic Party of Korea at 38.0 percent — a PPP lead outside the margin of error and the party's highest approval rating since the Lee Jae Myung government took office.
But a subsequent Realmeter poll conducted July 2 through July 3 and released July 6 showed the Democratic Party rebounding to 43.0 percent against the PPP's 40.3 percent, reversing the standings once again.
The PPP's numbers have continued to slide since then. A National Barometer Survey conducted Monday through Wednesday and released Wednesday showed the Democratic Party at 38 percent and the PPP at just 22 percent, widening the gap further.
The Realmeter surveys were conducted via automated response system using wireless-only calls among voters aged 18 and older nationwide. The NBS survey was conducted via telephone interview using mobile virtual numbers among 1,000 men and women aged 18 and older nationwide. All three surveys carry a margin of error of plus or minus 3.1 percentage points at the 95 percent confidence level. Further details are available on the website of the National Election Survey Deliberation Commission.
Political observers say the PPP's attacks on the government are being overshadowed by the party's own internal divisions, blunting its offensive punch. Infighting over party leader Jang's future following the local election defeat has dragged on, while the party establishment, supporters of former leader Han Dong-hoon, younger reformist lawmakers and senior members have all been pulling in different directions, scattering the party's message.
"Internal conflicts are getting more news coverage than our criticism of the government," one PPP lawmaker said. "If the party cannot speak with one voice, it will be hard to persuade the public no matter what issues we raise."
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