President addresses livelihood concerns as local elections near

“President Lee Jae Myung, together with his chief of staff for policy Kim Yong-beom, is intensively addressing social and economic issues associated with strain on public livelihood, in what is seen as an effort to shape public opinion ahead of the June 3 local elections. The issues span higher borrowing rates tied to lower credit ratings — a burden that falls disproportionately on lower-income households — as well as phone scams and illegal private lending that tend to victimize the same groups. Lee said in a post on X, formerly Twitter, Sunday, that borrowers are not obliged to repay “illegal lending that exceeds the legally permitted interest rate.” He also shared a news report on Friday saying the amount of financial damage from voice phishing had fallen by 45 percent. “It is truly a relief that such losses have decreased in such a short period of time," he said. Meanwhile, Kim published a series of three Facebook posts from Friday to Sunday, raising concerns about a structural disparity in which lower-income, lower-credit borrowers pay higher interest rates despite their gr

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