I hear many Israeli government types parading the fact that unemployment in Israel is very low. In every communist country in history the unemployment rate was %0. Low unemployment alone does not an economy make.
Some facts about Israel. Government spending this year about 320,000,000,000 Shekel
3,000,000 people work. = 106,666 shekel spent for every working person. This year's budget deficit is about 17,000,000,000 Shekels. Divide that number by the 3,000,000 working people and you get about 5,666 Shekel in new borrowing per working person. At about %5 interest rate a year, each working individual will be responsible for paying an additional 285 shekels a year starting next year and every year after. At this rate, tomorrow's Israel is today's Greece. How sad, and how frightening.
Some facts about Israel. Government spending this year about 320,000,000,000 Shekel
3,000,000 people work. = 106,666 shekel spent for every working person. This year's budget deficit is about 17,000,000,000 Shekels. Divide that number by the 3,000,000 working people and you get about 5,666 Shekel in new borrowing per working person. At about %5 interest rate a year, each working individual will be responsible for paying an additional 285 shekels a year starting next year and every year after. At this rate, tomorrow's Israel is today's Greece. How sad, and how frightening.
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