The government spent more than W50 trillion in 2017 and this year on its futile attempts to create jobs (US$1=W1,119). A lawmaker who is among candidates to become head of the ruling party blames the high unemployment on the W22 trillion the Lee Myung-bak administration spent a decade ago to dredge the four major rivers and waterways in the country. But the Moon Jae-in administration has spent twice as much money and only 5,000 jobs were created in July. In the past, when the government did not spend a single penny on job creation, jobs increased by around 300,000. Unemployment now stands above 1 million for the seventh straight month, while a record 1 million small businesses are expected to close this year.

W50 trillion is an astronomical amount of money. Not many countries have a total budget that size. After spending that much, the government needs to show some results, but there has been no progress whatsoever. So where has the money gone?

A closer look at the government's job-stimulus objectives this year gives a vague idea. The government is paying W6 trillion to support the unemployed, while another W4 trillion is going into measures aimed at prodding the jobless to find work. That means around half of this year's budget earmarked for job creation has in fact gone into supporting the unemployed and forcing companies to keep workers they do not need. And the W2 trillion allocated for job training is focused on short-term positions.

In fact, most of the jobs the government claims to have created have been short-term positions. About half of jobs it created last year by spending W11 trillion from the supplementary budget were for senior citizens, although the government said it aimed to boost youth employment. And those jobs will vanish as soon as government funding dries up. A study by the Labor Ministry shows that six out of 10 workers who found jobs through government programs quit in less than a year. Taxpayers' money effectively turned into salaries for the jobless.

The government is not creating jobs, it is throwing money into a bottomless pit. After realizing the disaster it has created, the government and ruling party decided to jack up the budget for job creation next year to more than W22 trillion. Adding the strong likelihood of a supplementary budget, the amount of taxpayers’ money spent on job creation could swell to W30 trillion next year. That would raise the total amount of government spending for that purpose to more than W100 trillion. That is ludicrous.

Many countries around the world are enjoying booming economies without sacrificing W50 trillion in taxpayers' money for job creation. They achieved this simply by reforming their labor markets and easing regulations so that businesses can soar to new heights. And the jobs created that way last, resulting in falling unemployment. But the Korean government is feeding a sick patient sugar tablets when it is bitter medicine that is needed. Taxes are being wasted left and right, while the infection festers. If the government had spent the W50 trillion on research and development, bolstered infrastructure projects, strengthened the military and aided welfare programs, the country would be in a much better spot.

President Moon Jae-in said people need to shake off the "stereotype that the private sector creates jobs." The country has paid a very high price for such nonsense.

