President. I wish to call to the attention of Members a recent address by Ambassador Richard McCormack. a man known by many in the Senate. and who until recently was the Under Secretary of State for Economic and Agricultural Affairs. His address. "The Challenge of the Immigration and the Obstacles to Growth in the Israeli Economy" describes the history of the largely statist Israeli economy and suggests that dramatic reforms are needed if the Israelis hope to absorb successfully the wave of Soviet immigrants into their economy. To provide Jobs for as many as half a million people will require tens of billions of investment in Israel. Much of this will have to come from private. not government. sources. This means that investors must be convinced that Israel is a costeffective environment in which to invest. This will only happen if there are significant changes in Israels economic and political situation. In the near future. the Senate will be considering a very large guarantee loan program to help Israel finance housing for prospective immigrants to Israel. The conundrum is very simple. If there is no economic reform. many of the houses. whose mortgages would be underwritten by the United States Government. could be vacant in 5 years or so and their former occupants living in Canada. the United States.
Keywords matched
Immigration immigrants