Israeli Economic Woes Blamed on Citizens in New Documentary Series
A new economic documentary series, 'Under the Floorboards,' by Shaul Amsterdamski, presents a bleak picture of Israel's economic reality, highlighting families struggling to make ends meet despite working full-time jobs with average salaries. The series also touches upon young people turning to risky stock market investments due to disillusionment with traditional employment, a failing credit system that has normalized debt, and banks charging unjustified fees. However, the author criticizes the series for focusing on individual consumer habits and personal financial management rather than examining the systemic issues and the role of the state and market forces in creating these problems.
The documentary features families like the Haddads, who earn approximately NIS 20,000 net per month, above the median household income, yet are tens of thousands of shekels in debt. Amsterdamski attributes their debt to spending on non-essentials like dining out and subscriptions, a conclusion the author finds superficial. Data from the 'Daf Hadash' organization is cited, indicating that 40% of Israelis are on the verge of overdraft and a third are chronically overdrawn, with many taking out loans to cover existing debt.
Amsterdamski draws a parallel between the Israeli loan market and the opioid crisis in the United States, suggesting a widespread problem driven by easy credit and high interest rates. While the US responded with regulatory changes and enforcement, the series' proposed solution is primarily behavioral, focusing on financial education and counseling. The author argues that the series neglects the state's responsibility, particularly in the banking sector, where customers reportedly fear their banks. Instead of scrutinizing policymakers, the documentary allegedly shifts blame to the average Israeli for not being financially savvy enough.
The series also explores the allure of the stock market for young Israelis seeking financial independence, with 44% of independent investors being under 30. However, it reveals that success in day trading requires extensive knowledge, resilience, and constant work, dispelling the myth of easy money. The documentary contrasts this with a group of retired Israel Electric Corporation employees who enjoy comfortable pensions, labeling them as 'connected' from a past 'corrupt' era, yet acknowledging their financial security was built on hard work and experience, not on navigating complex financial products or seeking external advice.
Ultimately, the author contends that Amsterdamski's series mistakes symptoms of a larger economic crisis, such as shame, anxiety, and depression, for personal irresponsibility. While the documentary illustrates how ordinary Israelis are trapped by market and economic crises, it consistently points the finger at the victims rather than the state, which the author believes is responsible for creating and rectifying these market failures. The piece concludes by echoing a sentiment from the series: 'Ultimately, you understand that there is no state, and then the responsibility is yours alone,' suggesting that in the absence of state intervention, individuals are left to bear the full burden of their financial struggles.
