web analytics
April 17, 2014 / 17 Nisan, 5774
At a Glance
News & Views
Sponsored Post
Spa 1.2 Combining Modern Living in Traditional Jerusalem

A unique and prestigious residential project in now being built in Mekor Haim Street in Jerusalem.



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

Share Button

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.

Share Button

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.

Leave a comment (Select your commenting platform)

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

Loading Facebook Comments ...
Loading Disqus Comments ...
Current Top Story
The interior of the El Ghriba synagogue on the island of Djerba, Tunisia, in 2009.
Tunisian Jew Stabbed in Djerba
Latest News Stories
Pesach in Hebron at Maarat HaMachpela

Hebron is proving to be a popular family tourist site during the Passover Holiday.

Baruch Mizrachi Funeral 1

Hundreds attended the funeral of Police Chief Superintendent Baruch Mizrachi, who was slain by terrorists on Passover eve.

The interior of the El Ghriba synagogue on the island of Djerba, Tunisia, in 2009.

A local Jewish merchant was stabbed Monday on the island of Djerba.

The Israeli hi-tech company Matrix has announced it is opening a “massive training center” in Nanjing, China.

Rabbis have been busy with preparations for the traditional Birkat Kohanim, Priestly Blessing, set for Thursday.

The suspect charged in the pre-Passover shooting deaths of three people outside two Kansas Jewish centers is a known white supremacist.

More than 400 people sat down at the first seder this year at the Chabad House of Bangkok, Thailand.

The following is President Obama’s statement on Passover (April 14, 2014). As he has in the past, the President held an official Passover Seder at the White House. Michelle and I send our warmest greetings to all those celebrating Passover in the United States, in Israel, and around the world. On Tuesday, just as we […]

PM Binyamin Netanyahu blamed Palestinian Authority incitement for the terrorist murder of a police officer on Passover eve.

The officers had signaled to the Arab driver to pull over. He then rammed into them.

The Palestinian terrorist stood by the side of the road at shot at passing cars with an AK-47.

We would like to wish all our readers a wonderful and kosher Pesach holiday.

Kerry reportedly admitted that he had “made a mistake.”

But Israel’s stance is not sufficiently consequential to set off a fight between friends, neoconservative scholars said.

No, it’s not another Haredi protest against the draft, it’s burning the Chametz.

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 […]

    Latest Poll

    Now that Kerry's "Peace Talks" are apparently over, are you...?







    View Results

    Loading ... Loading ...

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: