Great read, and well stated. Israel always lacks the rest of the world during economic downturns... our turn is coming. For a country as small as us to think we can survive on the small population of low-wage workers is arrogant. The super wealthy want to live large like their US counterparts, and forget that the structure of our country is different. We can't consume like Americans and Europeans can... we don't have the cash flow. Salary raises (>10% across the board) would go a long way to help adjusting. But higher taxation of the wealthy (+40k/month) would probably help more.
First refugees travelling on Hungarian bus arrive at Austrian border (Reuters)
from the article: The silent killer of Israel's real estate market