keeping the property market stable is crucial as koreans put 80 percent of their wealth in houses. nearly all buy a house through borrowing. they are now struggling to repay interest on the debts as the trade of houses stagnates.

the record household debt, more than a year’s gdp, is likely to make many of today’s middle class poorer.

the more middle-income households korea has, the less fiscal restraint the government will face.

the political parties have yet to unveil campaign pledges for the middle class. they are either seeking to penalize the rich and chaebol or to expand consumption-oriented welfare programs.