On Friday I reported to you about the finical situation in Israel.
At this moment, Israel's Prime Minister Bibi Netanyahu is addressing the State on all Israeli channels in response to the massive public outcry over his decision to enact a series of budget cuts and tax hikes.
Some here in the land say, at best, that the action is economically necessary, but not socially balanced.
It is obvious that Mr. Netanyahu was under pressure to react to the world's economic woes – and he had to do so through a certain social outlook with all the uproar that there has been in Israel of late.
However, Netanyahu chose tax solutions that are easy for the Government and tough for most citizens.
What's upsetting is that the Government appears to have little intention of dealing with tax exemptions or benefits, which have been granted in the past to preferred sectors which amount to billions of shekels.
People are upset that, in order for Mr. Netanyahu to create a Government that he could rule, he increased expenditures and lowered taxes to do so.
Now Israel's financial assets are low and the Government is obliged to salvage the situation.
But the real problem is that Netanyahu took the actions he did, so he could create political power, against the recommendations of the International Monetary Fund, the Organization for Economic Co-operation and Development, and even Israel's own Bank Governor – and people are blaming him for the consequences.
Amidst all the public outcry, one media source here pointed out that the Prime Minister, in order to come to power, swelled the Government's ministers from 18 to 30, costing taxpayers 120 million shekels.
Many believe Netanyahu could have gotten his target from alternative sources – but he refuses to do so out of political fears.
I'll have an update tomorrow on what Mr. Netanyahu said – be sure to join us on the Harvest Show!
Middle East Correspondent