Ex-Finance Ministry Chief Slams Netanyahu's Handling of Cost of Living Crisis
Translated & summarized from Maariv by baba
Former Finance Ministry Director-General Shmuel Slavine criticized Prime Minister Benjamin Netanyahu's handling of the cost of living crisis, calling it a failure. Slavine argued that Israel's economy is hampered by monopolies and that proposed solutions, like reducing gasoline tax, are insignificant. He also noted the banking sector's high profits from mortgages and praised Minister Nir Barkat's efforts on trade alignment.
The story in 5 lines · by baba
- Former Finance Ministry chief Shmuel Slavine stated Prime Minister Netanyahu failed to address the cost of living crisis.
- Slavine argued Israel lacks a free market due to monopolies requiring legislative solutions.
- He called a proposed gasoline tax reduction insignificant to the broader cost of living issue.
- Slavine noted Israel's strong global economic performance despite domestic challenges.
- He criticized public sector officials for indifference and praised Minister Nir Barkat's trade initiative.
Shmuel Slavine, former Director-General of the Ministry of Finance and head of the Cost of Living Committee, has criticized Prime Minister Benjamin Netanyahu's efforts to address the rising cost of living, stating that Netanyahu "failed to pull the cost of living cart out of the mud." Slavine, a Likud party member who now heads the real estate company Sela Capital, argued that Israel does not have a truly free market due to powerful monopolies that can only be dismantled through legislation.
Slavine dismissed a proposal by Finance Minister Bezalel Smotrich and Netanyahu to reduce gasoline excise tax as "nonsense" and a "micro of the micro," asserting that the cost of living is a far more serious issue. He highlighted Israel's strong economic performance globally in terms of growth, inflation, foreign currency reserves, and employment.
Regarding mortgages, Slavine pointed to the dependency on interest rates and the significant profits banks are making, citing a 2025 bank profit of 32 billion shekels and a 17% return on equity. He also described encountering indifference from public sector officials, suggesting they either avoid the issue or lack the knowledge to address it.
Slavine praised Minister of Economy Nir Barkat for strongly pushing an initiative to align Israeli trade terms with Europe, despite opposition from professional civil servants. He noted that professional staff should advocate for a professional, not personal, agenda, but acknowledged internal disagreements.
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