Dr Mike Evans

Benjamin Netanyahu takes on inflation in comeback bid to lead Israel

Former Prime Minister Benjamin Netanyahu launched a new economic plan on social media Wednesday to address the nation’s surging inflation.

The new economic focus is key to Netanyahu’s comeback bid to become Israel’s prime minister in November when new elections are held.

“Our country is in a deep economic crisis. This isn’t fate. It is possible to exit it,” Netanyahu said in the presentation. “Only a stable government, a stable national government, can lower prices.”

During his time in leadership from 2015 to 2019, prices increased by just .5%. Over the past year, prices have soared by 4.5%.

Netanyahu noted that the COVID pandemic and the situation in Ukraine are factors, but are “no excuse” for out-of-control costs across the nation. His plan proposes to slow inflation and lower taxes. The tax reforms noted included enlarging tax credit points and incentives for lowering corporate taxes to encourage business growth to stimulate the economy.

The former prime minister also noted four key inflation areas to address for the nation’s success. They included electricity, gas, water and taxes. Netanyahu proposed to freeze city taxes for one year as part of his plan.

While political opponents may mock Netanyahu’s plan, he has both the past experience and the expertise to follow through on the initiatives. For a nation frustrated by soaring costs, the plan may be what the nation needs to bounce back after the pandemic.

The move may also be the momentum Netanyahu needs to break out beyond the gridlock of the current political structure. Moving toward its fifth election in three and a half year, Israelis are ready for more stability alongside help to offset cost-of-living issues facing the nation.

Time will tell the outcome of the new proposal, but if the past is an indicator, with Netanyahu facing the test of the voters in November.