Israeli Prime Minister Benjamin Netanyahu announced details about a new financial team Sunday, a day after more than a quarter of a million demonstrators took to the streets protesting the rising cost of living in the Jewish state.
"In the recent weeks we have been witnessing a public protest that expresses our real distress," Netanyahu said at the opening of his weekly Cabinet meeting. "We cannot and we shouldn't ignore the voices coming out of the public, we want to give real solutions and we will do so."
The economic team -- comprised of government officials and professionals outside the administration -- will focus on reducing the cost of living and changing the country's economic priorities, Netanyahu said.
Officials have not specified the committee's full membership roster, but Netanyahu said Sunday that Manuel Trajtenberg, a professor at Tel Aviv University and the former chief of Isreal's National Economic Council, would head the team.
The group will examine reducing taxes, improving access to social services and increasing market competitiveness, Netanyahu said.
They are scheduled to present recommendations to Netanyahu in September.
Reducing taxes, improve access to social security. It will only make it worse.
How about increasing taxes for companies, and especially companies who produce goods using cheap labor in foreign countries only to import and sell them on Israel markets?
Really, it's time to drop the hammer on all the small, middle and large national and multinational companies who have spun a web of structures with the intent to maximize profits and lower costs.
Just drop the hammer down and either have them change their ways or close their doors.
And yes, it will cause massive unemployment but it will fix the issue in the long run.