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Moreover, for years, middle class wages eroded, lower class ones even faster. Israel's rich alone amassed wealth at the expense of working households. According to Bank of Israel governor Stanley Fischer, about 20 Israeli families control banks, supermarkets, telecoms, real estate, newspapers, high tech companies, utilities, and other basic industries and services.
The central bank's 2009 annual report showed these families control 25% of Tel Aviv Stock Exchange-listed companies and 50% of total market share, one of the highest concentrations among developed countries.
According to the 2009 Merrill Lynch World Wealth Report, 5,900 Israelis have at least $1 million in liquid assets, and from 2005 to 2007, Israel produced more millionaires per capita than any other country. The net worth of its 500 richest, in fact, exceeds one-third of total GDP, an extraordinary concentration level, and with it a chokehold on the economy and government policy.
Moreover, Israel has 16 billionaires. At the same time, most workers earn low wages and eroding benefits. In fact, wages have fallen from 68% of national income in 2000 to 63% in 2010, heading south as the disparity between rich and others grows.
Israeli Arabs, of course, are worse off, an issue the above cited articles addressed.
At the same time, falling wages and social benefit cuts in healthcare, education, and other areas have widened the gap between rich and most others.
Among all developed nations, Israel, America and Britain are the most unequal, a trend getting worse, not better, showing up now on Israeli streets.
In response, the Histadrut trade union federation has done little to represent workers, its leaders protecting their own privilege and status at the expense of rank and file members they don't serve.
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