To maintain middle class lifestyle, we might lose unnecessary time and resources on bubble-following lifestyle shown around us. Some say that Lee Myong Bak administration makes current economic crisis worse with bad policy. Spend, spend, spend more budget on construction and development notwithstanding its unbeneficially low B/C expectations.
Gyeongin Canal has shown the typical business style of Lee administration. It has begun excavation though the B/C result is below 1. This B/C ratio figure has changed according to the institutes and time: firstly, 0.92∼1.28(2003, KDI), then 1.76(2006, DHV), and 1.065(2008, KDI). Recently Ministry of Strategy and Finance(MOSF) analysed that Gyeongin Canal will need 30% budget increase when considered cost of living increase(Hangyoreh). In fact, Korean government has always changed words, words, words.
Another true factsheet has been reported by Bank of Korea: construction industry creates less jobs than service industry. But Lee and his colleagues insist construction should effect more jobs for Koreans.
That's why we don't need anymore unbeneficial land development through reclamation, excavation, and construction works.
As NPR reports show that Americans have also continued spending more and more untile very recently. But it seems that they don't really want to reduce the cost of living demanding "middle class lifestyle" It meant that more commercials send signals on the screen, more people are going to feel destined to get a brand new style. Does this mean updated cable TV, cell phones, driving, eating out, housing, shopping, membership... ?
(graph by Alan Cordova/NPR and story by Laura Conaway)