web analytics
November 24, 2014 / 2 Kislev, 5775
At a Glance
News & Views
Sponsored Post
IDC Herzliya Campus A Day on Campus

To mark IDC Herzliya’s 20th anniversary, we spent a day following Prof. Uriel Reichman, IDC’s founder and president, and Jonathan Davis, VP for External Relations, around its delightful campus.



New Finance Minister Lapid: Economy in Monstrous Straits

Undoubtedly, it would have been easier for the flashy television journalist to strut his right stuff as foreign minister.
Outgoing Finance minister Yuval Steinitz (R) introducing his successor Yair Lapid. Steinitz, the Likud party and Netanyahu may regret giving Lapid this post.

Outgoing Finance minister Yuval Steinitz (R) introducing his successor Yair Lapid. Steinitz, the Likud party and Netanyahu may regret giving Lapid this post.
Photo Credit: Yonatan Sindel/Flash90

A week into his new job, Finance Minister Yair Lapid says that the picture that unfolds before him regarding the state of Israel’s economy is much worse than he expected, and that he intends to reduce spending and make painful cutbacks.

According to Lapid, Israelis who will be feeling this year that their situation has worsened should know that it’s only temporary.

On his Facebook page, Minister Lapid wrote that Israel’s deficit is monstrous, ominous and growing worse. “The reason the deficit – wasting of money we didn’t have and making commitments that we shouldn’t have made.”

The Finance Minister stressed that his first year in office will be devoted to reducing the deficit, so that next year it will be possible to reduce housing prices, pursue burden equality, help small businesses, and improve education.

Lapid, who initially pressed for the Foreign portfolio, was aware that becoming minister of finance could become a career ender for him. Practicing fiscal responsibility in government is not the type of task that makes for great popularity – have a look at Greece and Cyprus these days, or review Israel’s 2011′s summer of social protests. Undoubtedly, it would have been easier for the flashy television journalist to strut his right stuff as foreign minister.

Indeed, some have suggested that Prime Minister Netanyahu has lured his younger challenger into the finance ministry trap precisely so that the youthful Lapid age fast and lose his shin trying to deal with the $15 billion plus deficit left him by his predecessor.

But from his first statement on the state of the economy, it appears that Lapid continues to understand communications better than the prime minister, and, in fact, could turn his stint at his troubled office into an even more meteoric rise to the premier’s seat.

By describing Israel’s economy in the worst possible details, Lapid is laying the ground for his own eventual role as the savior of the same economy. Israel’s economy remains robust, but could stand to improve in terms of a more equal distribution of jobs, goods and services.

On April 25, 2012, Fitch Ratings affirmed Israel’s credit rating at ‘A,’ with an outlook of ‘stable.’ The agency predicted 3.00 percent growth for 2012 and 3.50 percent growth for 2013. The “monstrous deficit” Lapid describes can be attributed to the fact that, with a poorer Europe’s appetite for Israeli goods diminishing, Israel’s tax revenues have not hit the anticipated mark. It shouldn’t have been allowed to slide and accumulate as it has done, but it remains more robust than most.

Politically, Prime Minister Netanyahu may rue the day he invited his arch nemesis to get his hands on the state books – because Lapid could actually improve them, or at least look really good trying.

About the Author: Yori Yanover has been a working journalist since age 17, before he enlisted and worked for Ba'Machane Nachal. Since then he has worked for Israel Shelanu, the US supplement of Yedioth, JCN18.com, USAJewish.com, Lubavitch News Service, Arutz 7 (as DJ on the high seas), and the Grand Street News. He has published Dancing and Crying, a colorful and intimate portrait of the last two years in the life of the late Lubavitch Rebbe, (in Hebrew), and two fun books in English: The Cabalist's Daughter: A Novel of Practical Messianic Redemption, and How Would God REALLY Vote.


If you don't see your comment after publishing it, refresh the page.

Our comments section is intended for meaningful responses and debates in a civilized manner. We ask that you respect the fact that we are a religious Jewish website and avoid inappropriate language at all cost.

If you promote any foreign religions, gods or messiahs, lies about Israel, anti-Semitism, or advocate violence (except against terrorists), your permission to comment may be revoked.

2 Responses to “New Finance Minister Lapid: Economy in Monstrous Straits”

  1. Charlie Hall says:

    Israel's unemployment rate is a full one percent lower than that in the US. And the economy is growing more rapidly.

  2. Charlie Hall says:

    Israel's unemployment rate is a full one percent lower than that in the US. And the economy is growing more rapidly.

Comments are closed.

SocialTwist Tell-a-Friend

Current Top Story
France Jew in a French synagogue talks about rising anti-Semitism.
Israel to Ease Absorption, Employment for Immigrants from France
Latest News Stories
Israeli police shoot tear gas to disperse Arab rioters throwing rocks in Isawiya, October 2014. (archive)

Security leaders re-activate a special unit in Israel as Arab rioters injure four police officers in Jerusalem.

Rabbi David Lau visits Temple Mount activist and assassination target Rabbi Yehuda Glick at Shaarei Tzedek Hospital.

The doctors completed their surgery and accomplished what they set out to repair.

France Jew in a French synagogue talks about rising anti-Semitism.

Israel’s cabinet decides to clear obstacles for employment of immigrating professionals.

Iman in Har Nof

Sheikh Samir Aasi says “I Was Attacked Because Of What I Stand For. These Extremists Don’t Want Relations Between Religions”

Former Washington DC Mayor Marion Barry died early Sunday at age 78.

A Tennessee watchdog group says textbooks in the state’s schools are teaching children to hate Israel and Jews.

In New Zealand a Jewish toddler wearing a yarmulka is attacked; the adults consider teaching their young to hide their identity.

If there were such a thing as “diplomatic police,” Abbas would have been arrested long ago for crossing red lines.

Both the town and the tower were destroyed in a violent fashion. A layer of ash shows they were burnt.

Son of Isaac Bashevis Singer, Israeli author Israel Zalman, dead at 85.

They were harmless men simply looking for “song birds.” Uh-huh.

US law states anyone who “Incited terrorist activity with intent to cause serious bodily harm or death” should be barred from entry.

The police knew the PA Arabs were sleeping in the cemetery, they just couldn’t figure out where…

The US is so used to believing lies that it can hardly distinguish them from the truth.

One of the most effective weapons of an enemy is to destroy the opponent’s economy, and Jews are cooperating.

More Articles from Yori Yanover
rain ATM

A Jerusalem woman is trying to hold on to her umbrella while withdrawing some cash at a Meah Shearim ATM, Sunday, March 9, 2014. The rain appeared out of the blue (which is how rain should), after a warm week that started to feel like summer. Well, it don’t feel like summer no more. Last […]

Rabbi Meir Mazuz (seen visiting a synagogue in Crown Heights, Brooklyn) declared in a public Internet psak that it is legal for a Jew to go up to temple Mount.

Needless to say, Shas, the Haredi Sefardi party, is not happy.

“The only difference between this world and the time of Meshiach is our bondage to the gentile kingdoms.”

Here’s the Israeli Navy boat INS Hanit arriving in Eilat on Saturday, March 8, 2014, after capturing the Klos C, which was carrying dozens of advanced Iranian-supplied weapons made in Syria and intended for Palestinian guerrillas in the Gaza Strip. Here’s Israeli Navy Commander Vice Admiral Ram Rotberg speaking with the INS Hanit soldiers in […]

Pat Condell has a new video out, so, sit back, have fun. By the way, Message to Offended Muslims should not be confused with Message to Off Handed Muslims. Also, I’d love to hear what he has to say about Haredim.

The description that came with this picture says: Israeli Prime Minister Benjamin Netanyahu speaks with American actor Bette Midler during an event at the house of Hollywood producer Arnon Milchan in Hollywood on March 6, 2014. But Bette Midler is not really an actor, she’s a singer who made movies for the LGBT community and […]

We will shut them up in the campuses, we will shut them up in the high schools, we will shut them up at the 92nd St. Y.

An Israeli female soldier (because they’re better at removing babies from their homes) evacuates a baby from a settlement in Judea and Samaria some time in the recent past. I’m thinking, if the baby was angry enough, couldn’t he evacuate in return, right there in her arms? Imagine the same picture, except with a settler […]

Printed from: http://www.jewishpress.com/news/breaking-news/new-finance-minister-lapid-economy-in-monstrous-straits/2013/03/24/

Scan this QR code to visit this page online: