Now that the main political parties have announced their presidential candidates, election campaigns are being rolled out.
Support for the Democratic Progressive Party’s (DPP) candidate, Vice President William Lai (賴清德), has remained high in several public opinion polls.
However, the results of last year’s local elections show that Lai should be more attentive to economic issues. If he fails to address the economy in a more satisfying way, he could jeopardize his and the DPP’s political future.
The DPP’s performance in the local elections was affected by many political factors, including inappropriate nominations, thesis scandals and mismanagement of COVID-19 outbreaks.
However, the main issue was the economy.
While campaigning last year, the DPP did not talk about how it would cope with rising housing prices. It did not say anything about high mortgages and interest rates. Only after the election did the DPP propose to amend the Equalization of Land Rights Act (平均地權條例).
Similarly, the party knew that inflation was distressing voters, but it was only after upsets in the local elections that it started to work with major retailers to mitigate price hikes.
The DPP did not say how it would arrange the NT$40 billion (US$1.3 billion) from surplus tax revenues, and only after the elections did it announce plans to give people a once-off cash payment of NT$6,000.
Obviously, the DPP neglected the importance of the economy. Not until later did it realize that economic issues would upset the public and lead to its losses in the local elections.
With campaigning starting for the presidential and legislative elections, the issue of the economy should be taken even more seriously.
It is clear that inflation has continued to plague the public.
The media have reported that Taiwan’s economic situation is not too bad, given that the inflation rate has remained between 2 to 3 percent.
Nevertheless, people are still facing soaring consumer goods prices. History has shown that public distress caused by inflation can topple a government. The DPP must take heed of that.
Moreover, Directorate-General of Budget, Accounting and Statistics data show that an economic recession in the first half of this year has resulted in a decline in the job vacancy rate in the manufacturing and service sectors. The rate has dropped to 2.57 percent — the lowest in the past 13 years.
Additionally, only 28.2 percent of companies plan to give their employees a raise, the lowest figure in the past three years.
Lai must address the economy cautiously. Soaring prices of goods and a drop in job openings might have a huge effect on the presidential election.
Cheng Ming-te is a professor in Taipei City University of Science and Technology’s department of business administration.
Translated by Emma Liu
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