Lee Jae Myung said that forgiving debts on unpayable loans would help borrowers rejoin the economy as he refuted “moral hazard” objections.
President Lee Jae Myung on Wednesday dismissed criticism of his push for aggressive debt forgiveness as “irresponsible demagoguery,” arguing that clearing unpayable debt is what gets people — and the economy — moving forward.
“If someone has debt but no ability to repay it, allowing them to restart through bankruptcy and debt discharge helps society as a whole,” Lee…