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Lee Jun-seok, presidential candidate of the New Reform Party (left), and Democratic Party candidate Lee Jae-myung speak during the first presidential debate for the 21st election, hosted by the National Election Debate Commission, at SBS Prism Tower in Mapo District, Seoul, on May 18. / Source: National Assembly Press Pool

Democratic Party presidential candidate Lee Jae-myung and New Reform Party's Lee Jun-seok exchanged sharp words over artificial intelligence policy and economic revitalization during the first televised presidential debate hosted by the National Election Commission on May 18.

Lee Jun-seok opened his critique by saying, “Candidate Lee Jae-myung keeps promising to do everything, saying ‘money can just be pulled forward,’ but when asked about fiscal responsibility, he often responds with something like ‘we’ll figure it out once we’re in power.’ It’s unrealistic.”

He challenged Lee Jae-myung’s AI policy in particular, pointing out that “providing ChatGPT-like commercial AI services to the entire population would require a budget of nearly 12 trillion won. What exactly is your plan for implementing AI policy?”

In response, Lee Jae-myung said, “You’re being too pessimistic. I want to make AI tools like ChatGPT freely available, just like we all use calculators today.” He added, “With government R&D funding and cooperation with private firms, we can develop such tools together.”

When Lee Jun-seok raised concerns about Lee Jae-myung’s so-called “hotel economy theory,” Lee countered, “It wasn’t about growth, but about the need for economic circulation. I used an extreme simplification to explain the idea.”

Lee Jun-seok pressed further: “Were you aiming for something like a Keynesian multiplier effect? The way you describe it, it sounds like money just keeps circulating endlessly with a marginal propensity to consume of 1. Is that perpetual motion?”

Lee Jae-myung replied, “Yes, I was referring to the multiplier effect. For example, money that just sits there is no better than money that doesn’t exist. But it was only an illustrative example.”

On the issue of Lee Jae-myung’s pledge to extend the retirement age, Lee Jun-seok asked whether that would harm youth employment. Lee Jae-myung responded, “I don’t agree with that. Jobs for young people and new jobs being created don’t necessarily overlap.”

Frustrated, Lee Jun-seok said, “If you’re going to answer like this every time, what’s the point of a debate? How can extending retirement age increase youth employment?” To that, Lee Jae-myung replied, “You’re being too extreme.”