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June 29, 2016 / 23 Sivan, 5776

Posts Tagged ‘finance’

Lapid Tells Haredim ‘Go Work’ as Child Subsidy Cuts Go into Effect

Tuesday, August 20th, 2013

On Tuesday, the severe cuts in government assistance to large families is going into effect, representing a new peak in Finance Minister Yauir Lapid’s war against the Haredim. What began as an election slogan, touting the need for an equal share in the national burden, is now policy, and as so many things political go, this one is hurting the weakest members of society.

Here’s the list of changes in the amounts paid to families—it is divided into children before and after 2003.

Families with children born before 2003 will receive $39 a month—down from $49—for the first child; $39 a month—down from $74—for the second child; $48 a month—down from $82—for the third child; $94 a month—down from $129—for the fourth child; and $99 a month—down from $109—for the fifth child and on.

The effect on a family of 10, which would be almost certainly religious (or Arab) is a 20% drop, from $988.00 to $814.00.

Israel’s social security administration objected to these cuts, arguing that they expect them to send some 35 thousand new children below the poverty line. In fact, they said the new cuts, sold as part of the “equal burden” package, will actually introduce a huge, new gap between rich and poor, as the percentage of poor children will rise from 4 to 40 percent.

In his Facebook message (today’s politician’s alternative to press conferences, where they might ask you embarrassing questions), Lapid said he was fulfilling one of his key promises to his voters. He also offered the following factoid, possibly something he read in a Maggie Thatcher interview:

“For years upon years it’s been proven that child allowances don’t get people out of poverty, they only make poverty permanent. Only one thing allows families exit the cycle of poverty – and that’s working.”

According to a 2011 report on poverty issued by the Israeli social security administration, 39.3% of Israeli families have been freed from the cycle of poverty due to receiving a variety of subsidies, including child allowances and income tax breaks, and the figure includes 15.1% of the children in Israel. The poverty line before government subsidies are paid out stands at $39.3%, and with the old subsidies dropped to 19.9%, which is still the highest poverty level among developed countries, and highest among all the OECD member countries…

For Haredi families, this severe cut in income comes coupled with a severe curtailing of funding for yeshivas and kolelim—by 30 percent this coming year, and by 60 percent the following year.

Four Haredi families are planning to sue the government in the Supreme Court over the cuts, which they say were made haphazardly and in a manner that does not befit proper legislation. A similar appeal was rejected a month ago by Justice Noam Solberg, on the ground that it was issued too early on in the legislative process. He urged the plaintiffs to come back once the bill becomes a law. Well, today it did.

Minister Lapid received a lot of praise when, during a duel with MKs from the Torah Judaism party, he said from the podium, in response to an accusation that his office was starving children:

“We will not allow any child in the State of Israel to go hungry. It’s our duty to make sure no child in Israel will be hungry, and we will honor it. But I want to remind [you], the institution responsible for caring for children is called their parents. When you bring a child into this world, [you] are the primary person responsible for it. Bringing a child into the world is a heavy responsibility, and so you should bring children into the world not based on the assumption that other people would care for them, but rather based on the assumption that it’s your obligation to take care of your own children.”

But that was many months ago. Today it has become clear that Minister Lapid—continuing his late father’s legacy of Haredi and religious hatred—has declared war on religious Jews in Israel. So far it’s been a three-pronged attack, hitting the issues of draft, child rearing in large families, and the education budget. Granted, in every one of these areas the Haredi public could do a lot to improve its relationship with the state and to create more goodwill between religious and secular in Israel. But to hit them with these three massive jabs all at once is not an act of repair but of destruction.


Yori Yanover

Jewish Agency Developing Major Israel-Diaspora Ties Initiative

Friday, August 16th, 2013

The Jewish Agency for Israel is working on a major initiative in concert with the Israeli government and the philanthropic world to build Israel’s ties with the Diaspora.

Tentatively titled The Prime Minister’s Initiative, the program would focus on Israel education in Jewish institutions; Israel engagement on campuses worldwide; educational trips to Israel; and incentives for immigration to Israel.

The initiative will have a projected annual budget of $300 million—more than three times that of Taglit-Birthright Israel, the Forward reported. The Israeli government would finance $100 million, with the rest coming from philanthropic sources.

Misha Galperin, the Jewish Agency’s United States-based fundraising chief, said he hopes some funding will be ready to begin programming by 2014.

The program is “bringing Israel to Jews and Jews to Israel,” according to eJewishPhilanthropy.com, which first reported on the initiative.

JTA

How to Publish Your Book Today

Monday, May 20th, 2013

How can you get your masterpiece published? On this week’s Goldstein on Gelt show, you can get the lowdown on Internet publishing – how to put your book out there and make money online. Penny Sansevieri, founder and head of Author Marketing Experts, returns to the show to give some more red hot internet publicity advice after the reissue of her e-book of the same name. Whether you’re a budding author or not, don’t miss this interesting interview.

Doug Goldstein, CFP®

The Power of Habit

Wednesday, April 17th, 2013

In the second part of the Goldstein on Gelt podcast this week, meet Charles Duhigg, a staff writer at The New York Times and author of The Power of Habit. How do habits affect human behavior? And what is the difference between innate personality and habits? Find out how habits govern your life and if you can change by listening to this fascinating interview.

Doug Goldstein, CFP®

Should You Buy Apple, Facebook or a Mutual Fund?

Friday, April 12th, 2013

Putting your money into individual stocks may be the fastest way to get rich – but it’s also the fastest way to lose the shirt off your back if you guess wrong. Buying a single stock exposes you to high levels of risk, even if the stock is strong. And even if you’re an expert on the company and its industry, there’s no certainty that the market won’t take an unexpected turn at any time and your stock won’t perform as well as you’d hoped. For this reason, it’s important to diversify your portfolio. If you have a diversified portfolio, any possible losses will hopefully be offset by a gain in a different stock.

Another disadvantage of buying individual stocks is that trading them can be very expensive. If you’re a high-volume trader, the multiple transaction costs involved in beating the market and selling your less profitable stocks take their toll.

Additionally, if you are thinking of purchasing individual stocks, ask yourself whether you have sufficient knowledge to choose these investments yourself. Do you have time every day to follow the market and stay in tune with the latest economic forecasts? The economic world is in constant flux and you need to be ready to adjust your portfolio to keep up. Do you really have the time and energy to devote to this, when you are also busy with your work and family?

So what’s the most effective way to invest?

For many people, the answer is mutual funds.

A mutual fund is a collection of securities, most often stocks and/or bonds. Every person who invests in a mutual fund is essentially a shareholder of this basket or collection of investments. The losses and gains of the fund reflect the movements of the individual assets inside the fund. A mutual fund solves the problem of diversification and the fund managers are the ones who have the responsibility of researching and making investment decisions. Though they may not get it right all the time, at least they have the time to investigate their ideas.

It’s important to note that with mutual funds, there’s no such thing as “one size fits all.” Different types and styles of mutual funds are appropriate for different kinds of investors. Indeed, a mutual fund’s value may be the time when the whole is really greater than the sum of its parts.

Call your financial advisor today to find out which fund may be best suited to meet your goals.

Doug Goldstein, CFP®

What Would President Coolidge Think of the World Today?

Thursday, April 11th, 2013

And if lessons from the past can help towards a better future, what can be gained from the life of U.S. President Calvin Coolidge? Best-selling author and columnist Amity Shlaes returns to the show to talk about her latest book, Coolidge, which is a biography of this almost forgotten U.S. president. Find out what Coolidge contributed to America and how understanding his policies could make a better future by listening to this very interesting show.

Doug Goldstein, CFP®

Life, Banks, and the Future (Podcast)

Monday, March 18th, 2013

What can you say about banks? While ATMs and online banking mean that you can do transactions and watch your account 24 hours a day, most people have never met their bank manager and the cozy feeling of having a local bank has been lost. This week, Doug speaks to Anat Admati, author of The Bankers’ New Clothes and a professor of economics at Stanford University, who explains the ins and outs of the banking system today.

Doug Goldstein, CFP®

Printed from: http://www.jewishpress.com/blogs/goldstein-on-gelt/life-banks-and-the-future-podcast/2013/03/18/

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