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On October 12, 2010, Haaretz writer Meirav Arlosoroff headlined, "The Israeli middle class is shrinking - but only slightly," saying:
Planned tax cuts "will mostly benefit the wealthy, (since) it involves reducing the highest marginal" rates, not others or average taxes for most workers. Moreover, a Knesset Research Center study showed only 25% of Israeli households are middle class (based on the above Adva Center definition) because of high poverty, depressed wages, and unemployment.
For years, middle class wages have eroded, lower class ones even faster. Israel's rich alone are getting richer 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.
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.
Stephen Lendman lives in Chicago and can be reached at Email address removed. Also visit his blog site at sjlendman.blogspot.com and listen to cutting-edge discussions with distinguished guests on the Progressive Radio News Hour on the Progressive Radio Network Thursdays at 10AM US Central time and Saturdays and Sundays at noon. All programs are archived for easy listening.
http://www.progressiveradionetwork.com/the-progressive-news-hour/ .
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