President Lee Jae-myung has seen his approval ratings drop by 14 percentage points [1] over a five-month period.
The decline highlights a growing rift between the administration and South Korea's youth, who feel the brunt of proposed fiscal changes. This demographic shift could complicate the government's ability to pass key economic legislation as real estate costs remain a primary concern for young adults.
A recent poll indicates that 43.9% [1] of the population opposes the proposed tax reform. The data suggests that the 20- to 30 age group is particularly sensitive to these changes, driven largely by the burden of real estate issues [2].
The survey compared sentiment from March to the current period in August [1]. The results reflect a cooling of public sentiment toward the administration's economic direction, specifically regarding how tax burdens are distributed across different age groups.
President Lee Jae-myung addressed the backlash regarding the tax adjustments. He said that those who benefit from tax changes remain quiet, while those whose burdens increase feel resentment.
He said that anyone who handles taxes is always destined to be criticized.
Rep. Kim Young-bae of the Democratic Party and former People Power Party floor leader Kim Sung-tae were also noted in discussions regarding the political fallout of the poll [2]. The opposition to the tax plan is seen as a reflection of the broader economic anxiety facing the 20- to 30 generation.
Critics of the plan argue that the reforms do not sufficiently address the housing affordability crisis. This sentiment has contributed to the overall dip in the president's popularity since the spring [1].
“Presidential approval fell 14 percentage points over five months.”
The sharp decline in approval among the 20- to 30 demographic suggests that real estate tax policy has become a primary political liability for the Lee administration. Because this age group is highly sensitive to housing costs, the administration faces a strategic challenge in balancing fiscal reform with the need to maintain support from a generation that feels economically marginalized.
