Wall Street Croc

Scott Bessent speaks at the National Conservative Conference in Washington D.C. on July 10, 2024.

 (Photo: Dominic Gwinn/Middle East Images/Middle East Images/AFP via Getty Images)

 

MICKY GILBERT

With the stock market surging Monday morning after U.S. President-elect Donald Trump's nomination of hedge fund manager Scott Bessent to be treasury secretary, some Wall Street executives said they were celebrating a "reasonable" pick who would moderate some of Trump's most extreme proposals.

But economic justice advocates and experts said the jubilation was likely over expectations that Bessent will deliver "trillions in tax cuts to the ultra-wealthy."

Jeffrey Sonnenfeld, founder and president of the Yale Chief Executive Institute, toldCNN that the billionaire Key Square Group executive is a "pragmatic" choice who supports only "selective tariffs" and could dial back Trump's plan to introduce across-the-board tariffs of up to 20% on imported goods—a plan that economists say would raise prices for U.S. households.

But Bessent himself told radio host Larry Kudlow on Saturday that tariffs "can't be inflationary."

David Kass, executive director of the economic justice group Americans for Fair Taxation (ATF), said that during Bessent's confirmation process, the organization will work to ensure lawmakers get answers to questions about whether the Wall Street billionaire plans to use tariffs to fund another Trump plan Bessent has endorsed: the renewal of the 2017 tax cuts.

"As income inequality is soaring and Americans are being crushed by the rising costs of living, we have to ask why billionaire Scott Bessent supports renewing the Trump tax bill, which gives trillions in tax cuts to the ultra-wealthy and mega-corporations," Kass said. "Moreover, we also need to know how Mr. Bessent would fund this massive tax giveaway. Will he make working and middle-class Americans foot the bill by enacting wide-ranging cuts to vital government programs like Social Security and Medicare? Will he squeeze Main Street by raising prices on essential goods through tariffs?"

The government watchdog Accountable.US noted that Bessent has defended Trump's tariff plan, which analysts found would raise annual household costs by an average of $3,900, while backing the extension of Trump's tax plan, which overwhelmingly benefited the wealthy and corporations.

"For all his talk of looking out for working-class Americans, President-elect Trump's choice of a billionaire hedge fund manager to lead the Treasury Department shows he just wants to keep a rigged system that only works for big corporations and the very wealthy," said Accountable.US executive director Tony Carrk. "If confirmed, Scott Bessent's first order of business will be to push trillions of dollars in more tax giveaways to the very well-off and at the same time essentially enact a $3,900 tax increase for the typical American family."

"This is yet another disastrous cabinet nomination by Donald Trump, and a further indication of the administration's plans for massive giveaways to the superrich and slashing of regulatory safeguards that guarantee the well-being of the American people."

As the Dow Jones Industrial Average surged by 500 points on Monday, National Association of Manufacturers CEO Jay Timmons told CNN that Bessent is likely to try to rein in what he called President Joe Biden's "out-of-control government spending." Republican leaders have signaled that with the GOP set to control both chambers of Congress as well as the White House starting in January, the party is likely to try to make cuts to Medicare and Social Security—long derided by the right as too expensive and wasteful.

"Wall Street may be breathing a sigh of relief at Scott Bessent's nomination, but working people see no help coming their way," Sen. Elizabeth Warren (D-Mass.), who is set to be the highest-ranking Democrat on the Senate Banking Committee, said Monday. "Mr. Bessent's expertise is helping rich investors make more money, not cutting costs for families squeezed by corporate profiteering."

Earlier this year, Bessent told his clients at Key Square Group that a second Trump turn would mean an "economic lollapalooza" for them, with the Republican lowering taxes for his wealthy investors and bringing about an era of deregulation.

The Republican megadonor has proposed a "3-3-3" policy approach to Trump, which would include cutting the budget deficit by 3% by 2028, boosting GDP growth by 3%, and urging Big Oil to produce another 3 million barrels of crude oil per day.

Bessent has also expressed support for Trump's embrace of the cryptocurrency industry, which poured more than $110 million into federal election spending this year and spent an all-time high of $24.7 million on anti-regulatory lobbying in 2023.

Brad Garlinghouse, CEO of financial tech firm Ripple, said Friday that he expects Bessent to be "the most pro-innovation, pro-crypto treasury secretary we've ever seen." Critics have warned that the unregulated and highly speculative crypto industry has little to offer working people.

"America doesn't need a hedge fund executive to lead its economic policymaking, least of all one under the delusion that tax cuts for the rich, rollbacks of public regulatory protections, and an increase in oil drilling is somehow the way to strengthen the nation's economy," said Robert Weissman, co-president of consumer advocacy group Public Citizen. "This is yet another disastrous cabinet nomination by Donald Trump, and a further indication of the administration's plans for massive giveaways to the superrich and slashing of regulatory safeguards that guarantee the well-being of the American people."

Despite some proponents' claims that Bessent is a more mainstream pick than some other names that were floated for treasury secretary, Carrk said the nomination is from "the same old playbook, and it will have the same results of an economy that only works for a select few, not everyone."

Landmark Commitment

India's prime minister, Narendra Modi, speaks with Brazilian President Luiz Inacio Lula da Silva as G20 leaders gather at their annual summit in Rio de Janeiro on November 18, 2024.

 (Photo: Ludovic Marin/AFP via Getty Images)

G20 Leaders Reach 'Landmark Commitment' for Global Tax on Ultrarich

"Now is the time to turn words into action and launch an inclusive international negotiation, extending beyond G20 countries, on the reform of the taxation of the superrich," said economist Gabriel Zucman.

MICKY GILBERT

Acknowledging that "the era of the billionaire" is still in full swing across the globe, economic justice advocates on Tuesday applauded a "landmark commitment" by G20 leaders at the group's annual summit in Rio de Janeiro, where delegates agreed to cooperate on efforts to ensure the richest households in the world are taxed fairly.

The final communiqué out of the G20 Summit includes a commitment from 19 countries, the European Union, and the African Union, to "engage cooperatively to ensure that ultra-high-net-worth individuals are effectively taxed."

"Cooperation could involve exchanging best practices, encouraging debates around tax principles, and devising anti-avoidance mechanisms, including addressing potentially harmful tax practices," reads the communiqué. "We look forward to continuing to discuss these issues in the G20 and other relevant forums, counting on the technical inputs of relevant international organizations, academia, and experts."

The final text was brokered by Brazilian President Luiz Inácio Lula da Silva, commonly known as Lula, and the E.U. Tax Observatory noted that Argentina's right-wing president, Javier Milei, "failed to convince other G20 countries to block the communiqué."

The meeting took place less than a year after economist Gabriel Zucman, director of the E.U. Tax Observatory, published a report titledA Blueprint for a Coordinated Minimum Effective Taxation Standard for Ultra-High-Net-Worth Individuals, which informed G20 finance discussions leading up to the summit.

"A minimum tax on billionaires equal to 2% of their wealth would raise $200-$250 billion per year globally from about 3,000 taxpayers; extending the tax to centimillionaires would add $100-$140 billion," said Zucman, a leading expert on tax avoidance and reducing inequality, in the report.

Billionaires' effective tax rate is currently equivalent to 0.3% of their wealth, requiring them to pay a far lower rate than middle-class taxpayers.

Zucman hailed the agreement out of the summit in Rio de Janeiro as a "historic decision" and said concrete action by the world's governments must follow.

"Now is the time to turn words into action and launch an inclusive international negotiation, extending beyond G20 countries, on the reform of the taxation of the superrich," said Zucman.

Along with Milei, the Biden administration pushed back this year as the G20 weighed Zucman's tax proposal. Treasury Secretary Janet Yellen toldThe Wall Street Journal in May that the "notion of some common global arrangement for taxing billionaires with proceeds redistributed in some way—we're not supportive of a process to try to achieve that. That's something we can't sign on to."

As Common Dreamsreported Tuesday, the U.S. is one of eight countries that are contributing to an international loss of $492 billion in taxes each year as multinational corporations and ultrawealthy individuals underpay. The eight countries—which also include Australia, Canada, Israel, Japan, New Zealand, South Korea, and the U.K.—oppose a United Nations tax convention.

Jenny Ricks, general secretary of the Fight Inequality Alliance, said that particularly with U.S. President-elect Donald Trump set to take office in January, "we live in the era of the billionaire."

"We need to move to the era of the 99%," said Ricks. "This shift won't come easily. The U.S. elections have shown how the superrich can use their wealth and power to influence policies and shape the outcomes of elections. Leaders like Trump in the U.S. and Javier Milei in Argentina are actively working to derail international cooperation, while politicians around the world fail to oppose the vested interests that continue to benefit from such unequal societies."

"We will fight harder than ever before to transform the rhetoric on taxing the rich into a global reality," she added. "We need more equal societies in which the richest no longer hold all the power and wealth, with devastating consequences. We need to redistribute the wealth of the superrich to fund vital public services and the response to climate change. Such a transformation is essential to creating the alternative we seek to today's broken system."

Viviana Santiago, executive director of Oxfam Brazil, applauded Lula's government and the G20 leaders for responding "to people's demands worldwide to tackle extreme inequality, hunger, and climate breakdown, and particularly for rallying action on taxing the superrich."

"G20 governments deserve praise for their groundbreaking commitment to cooperate on taxing the world's superrich. But we won't rest until this delivers real change for people and planet," said Santiago, adding that governments now ostensibly supporting a tax on billionaires' wealth should also "be championing a $5 trillion climate finance goal at COP29," the U.N. summit set to wrap up in Baku, Azerbaijan this week.

"How can they argue that climate justice is unaffordable with a deal to raise trillions of dollars by taxing the superrich on the table?" she asked.

Quentin Parrinello, policy director at the E.U. Tax Observatory, asserted that negotiations on the tax proposal "must now extend to a much more inclusive space than the G20."

"Such reforms don't happen overnight, but time is pressing," said Parrinello. "This agenda is even more important today, with the risk of geopolitical fragmentation and looming wealth concentration fueling inequality and undermining democracy."

Fight for Us

Protesters march during a rally for fair labor practices on May 22, 2023 in Chicago.

 (Photo: Daniel Boczarski/Getty Images for One Fair Wage)

 

"Democrats must act now to protect workers and show that they are fighting for the people who need them most," said one economic justice leader.

MICKY GILBERT

With Democratic leaders grappling with how to move forward following this month's devastating electoral losses and governors in the party moving to resist President-elect Donald Trump's policies, low-wage workers are planning on Wednesday to send a clear message to several Democrat-led statehouses: Prioritize workers and fair wages, or "face the consequences."

The national economic justice group One Fair Wage, which works closely with restaurant industry and other service workers, is organizing direct actions in Detroit, New York, and Springfield, Illinois, demanding that Democratic leaders in blue states "act decisively" to protect working people from Trump's anti-regulation, pro-corporate agenda.

The group said tipped service workers, advocates, and labor leaders will take part in the actions, in which participants will deliver an open letter calling for the passage of legislation to raise the minimum wage and eliminate subminimum wages.

"Workers in blue states are raising their voices because they cannot afford to wait any longer," said Saru Jayaraman, co-founder and president of One Fair Wage. "With a cost-of-living crisis squeezing families and an anti-worker Trump administration on the horizon, Democratic leaders must act boldly to protect workers and provide economic security. If they fail to prioritize wages and worker protections, they risk losing the trust—and the votes—of the very people they need to win."

The actions come after preliminary demographic data from the election showed working-class voters from a variety of racial backgrounds swung toward Trump. Two-thirds of Trump voters said they had to cut back on groceries because of high prices, according to a New York Times/Siena College survey, compared to only a third of people who supported Vice President Kamala Harris. Latino-majority counties shifted toward the Republican former president by 13 percentage points, and Black-majority counties did the same by about three points.

"Last week's electoral results made one thing clear: Voters overwhelmingly prioritize wages and affordability."

"Last week's electoral results made one thing clear: Voters overwhelmingly prioritize wages and affordability," said Jayaraman.

The actions were planned amid reports that U.S. Ambassador to Japan Rahm Emanuel, a key adviser to former President Barack Obama, is among those considering a run for chair of the Democratic National Committee—a plan that one former adviser to Sen. Bernie Sanders (I-Vt.) said seemed aimed at ensuring "the Democratic Party continues to lose working-class voters." Other possible contendersinclude former Maryland Gov. Martin O'Malley and, reportedly, progressive Wisconsin Democratic Party Chair Ben Wikler.

One Fair Wage said that following Democratic losses across the country, and with Republicans set to take control of the White House and both chambers of Congress in January, Democratic leaders at the state level must "act boldly on behalf of working families."

In Michigan, workers will call on Gov. Gretchen Whitmer to uphold the state Supreme Court's decision to raise the minimum wage and eliminate subminimum wages for tipped workers.

At the Illinois state Capitol, advocates plan to push for statewide legislation to extend fair wages for all workers, building on Chicago's minimum wage reforms.

In New York, One Fair Wage will lead the call for Gov. Kathy Hochul to "safeguard tipped and immigrant workers from the looming anti-worker policies of the incoming Trump administration."

The workers and supporters will deliver their demands to state lawmakers as well as hold "solidarity turkey giveaways for struggling families let down by elected officials."

Since the election, some Democratic governors have pledged to resist Trump's far-right agenda. California Gov. Gavin Newsom called a special legislative session aimed at "Trump-proofing" the state by finalizing climate measures and protecting reproductive and other kinds of healthcare. Govs. JB Pritzker of Illinois and Jared Polis of Colorado announced a coalition that will resist Trump's deportation plan and reinforce key state institutions.

The governors' plans have not specifically mentioned efforts to protect workers from Trump's policies. The president-elect attempted to pass regulations that would make tips the property of employers during his last term, and the National Restaurant Association has pledged to revive such efforts in the next four years.

"There's a glaring omission in these efforts: low-wage and tipped workers," Angelo Greco, a political strategist working with One Fair Wage, told Common Dreams. "When Democrats say they will fight for the most vulnerable, who exactly does that include if not the people earning the lowest wages and facing the greatest economic instability?"

"Tipped workers—many of whom are women, people of color, and immigrants—continue to be paid below the minimum wage in a system rooted in the legacy of slavery," Greco added. "They face Trump's imminent rollback of Biden-era workplace protections, and now restaurant workers are on the front lines of his anti-labor rampage. If governors truly want to protect workers, they must include tipped workers in their efforts."

Jayaraman called on Democrats to "act now to protect workers and show that they are fighting for the people who need them most. Ignoring these demands will lead to alienated voters and further political losses."

$276 Billion Richer

Elon Musk and House Speaker Mike Johnson's wife, Kelly Lary, applaud as U.S. President-elect Donald Trump speaks at a House Republican Conference meeting on November 13, 2024.

 (Photo: Andrew Harnik/Getty Images)

 

US Plutocrats $276 Billion Richer Since Trump Win—And GOP Wants to Give Them Even More

"The tax fight is starting now," said Sen. Elizabeth Warren. "Will we sign our names to more giveaways to President-elect Trump's billionaire buddies, or will we fight for tax fairness for the American people?"

Micky Gilbert

An analysis released Wednesday showed that the United States' 815 billionaires have seen their combined wealth surge by roughly $280 billion since Donald Trump's victory in the 2024 presidential election earlier this month, a finding that came as Republicans continued to lay the groundwork for another massive tax giveaway for the rich.

Citing Forbes data, Americans for Tax Fairness (ATF) noted that the collective net worth of the nation's billionaires jumped $276 billion between November 4—the day before Election Day—and November 12. Elon Musk, the world's wealthiest man and a Trump confidant, accounted for 20% of the total billionaire wealth surge, with his net worth growing by $57 billion in just a week.

ATF found that U.S. billionaire wealth is now at an all-time high of $6.7 trillion—a fact that hasn't deterred Republican lawmakers from pursuing additional tax cuts for the wealthiest Americans, which they want to pay for in part by slashing Medicaid and federal nutrition assistance.

"Among the tax handouts the GOP hopes to offer America's plutocrats is a weakening or elimination of the estate tax, the federal government's only curb on dynastic wealth," ATF noted. "As proof of the party's intent, the new Republican majority in the U.S. Senate has chosen as its next leader the chamber's main champion of estate-tax repeal, John Thune (R-S.D.)."

The group observed that scrapping the estate tax would save billionaire households an estimated $2.7 trillion while depriving "working Americans of the exact same amount of funding for vital public services like Medicare, childcare, education, and housing."

Since the highly regressive 2017 Trump-GOP tax cut that Republicans are looking to extend and expand, U.S. billionaire wealth has risen by $3.8 trillion—over 131%—according to ATF.

"Instead of addressing the nation's growing economic inequality and the growing shortfall in federal revenue, President Trump and congressional Republicans plan to make the situation even worse by enacting a new tax cut package that gives billionaires tax breaks on the backs of working people," the group said Wednesday. "This Republican tax plan will start with extending all the expiring provisions in the 2017 Trump law—which alone will balloon the federal debt by $5 trillion over the next decade—but will likely include new handouts to the very wealthy, such as elimination of the estate tax."

During a hearing on Wednesday, Sen. Elizabeth Warren (D-Mass.) voiced similar concerns about the Trump-GOP tax agenda, which also includes cutting the statutory corporate tax rate from 21% to 15%.

"President-elect Trump has proposed making every single 2017 tax cut for the wealthy permanent," Warren said during the Senate hearing. "In fact, he plans to go further by cutting the corporate tax rate even more, so that giant corporations making record profits off struggling Americans can shovel even more cash to their rich executives and shareholders."

"The tax fight is starting now, and every person in the United States, every person in the Senate, needs to show the American people what side we stand on," said Warren. "Will we sign our names to more giveaways to President-elect Trump's billionaire buddies, or will we fight for tax fairness for the American people?"

Thanksgiving

Striking airport workers are pictured on the picket line at Charlotte Douglas International Airport in Charlotte, North Carolina on November 25, 2024.

 (Photo: Airport Workers United/X.com)

Striking airport workers are pictured on the picket line at Charlotte Douglas International Airport in Charlotte, North Carolina on November 25, 2024. (Photo: Airport Workers United/X.com)

'Poverty Doesn't Fly': Ahead of Thanksgiving, Charlotte Airport Workers Strike

"We're on strike today because this is our last resort. We can't keep living like this," one cabin cleaner said.

Micky Gilbert

Nov 25, 2024

Service workers at Charlotte Douglas International Airport walked off the job Monday in order to protest low wages and unfair labor practices.

The employees work for two American Airlines subcontractors, ABM and Prospect Airport Services, and carry out essential tasks like cleaning airplane interiors, collecting trash, and escorting passengers who are in wheelchairs. They voted to authorize a 24-hour strike this past Friday.

The workers are represented by Service Employees International Union (SEIU), which released a statement Monday announcing the strike and saying that the employees are demanding "an end to poverty wages and respect on the job during the holiday travel season," according to WCCB Charlotte. SEIU represents about 700 workers at CLT, a spokesman told the The Charlotte Ledger Monday.

In addition to a late-morning rally, the workers plan to hold a "Strikesgiving" lunch "in place of the Thanksgiving meal that many of the workers won't be able to afford later this week," union officials said. WCNC Charlotteshowed workers picketing early Monday morning with signs that read "Poverty Doesn't Fly" and "Respect Black and Brown Workers."

The strike could be disruptive, given that the Charlotte airport estimates that it will process upwards of a million passengers between this past Thursday and the Monday following Thanksgiving.

In a statement sent around to press, the union said that most workers earn between $12.50 and $19 and hour, which they called insufficient.

According to the Massachusetts Institute of Technology's Living Wage Calculator, a living wage in the Charlotte metropolitan area is $23.26 an hour for one adult with no children.

"We're on strike today because this is our last resort. We can't keep living like this," ABM cabin cleaner Priscilla Hoyle said in a statement, according to CBS News. "We're taking action because our families can't survive."

Workers picketed on Friday to draw attention to their labor action. At the picket, one worker told local news that he's currently living in a storage unit, and that his current wage isn't enough to get a one- or two-bedroom apartment.

Beer or Wine?

 By Micky Gilbert

Research finds significant dietary and lifestyle differences among alcohol consumers based on their drink preferences.

(photo credit: wavebreakmedia. Via Shutterstock)

At a conference hosted by the American Association for the Study of Liver Diseases, Dr. Madeline Novack, chief resident at Tulane School of Medicine's internal medicine residency program, presented new research revealing significant dietary and lifestyle differences among alcohol consumers based on their drink preferences. The study surveyed over 1,900 U.S. adults who consume alcohol and found that beer drinkers tend to have worse diets, exercise less, and smoke more than those who drink wine or liquor.

Participants were divided into groups based on the type of alcohol they consumed: only beer (38.9%), only wine (21.8%), only strong spirits (18.2%), or a combination of different types of alcohol (21%). The researchers evaluated participants' eating habits using the Healthy Eating Index, a standardized 100-point scale based on dietary guidelines that focuses on food variety, adequacy of consumption of major food groups, moderation, and balance of nutrition. None of the groups achieved the 80-point threshold considered adequate for a healthy diet, but beer-only drinkers scored notably lower than other groups, with a score of just 49 points.

Beer drinkers were more likely to be men, younger, smokers, and have lower incomes. They also registered the highest total daily caloric intake, adjusted for body weight, and had the lowest levels of physical activity. "Beer-only drinkers are more likely to be low-income and have the lowest level of physical activity," noted the study. In contrast, wine drinkers scored 55 points on the Healthy Eating Index, and liquor-only drinkers scored nearly 53 points. Participants who consumed multiple types of alcohol also scored nearly 53 points.

The study suggests that the context in which food and alcohol are consumed together may play a crucial role in these dietary patterns. In the United States, beer consumption often occurs in settings where available foods tend to be low in fiber and high in carbohydrates and processed meats. Conversely, wine, especially red wine, is more likely to accompany complete meals with meat, vegetables, and dairy.

Dr. Madeline Novack stated, "Both types of liver disease often coexist, and lifestyle changes are key to managing and preventing these conditions, starting with understanding the link between alcohol use and poor nutrition," according to the New York Post. She pointed out that "Excessive alcohol consumption is the leading cause of cirrhosis, and metabolic dysfunction-associated fatty liver disease is rapidly increasing in the U.S." Dr. Novack suggested that dietary choices, such as fried or salty foods, influence alcohol preferences and can cause thirst that leads to consuming only beer. "Another possibility is that dietary choices influence the type of alcohol consumed," she noted, as reported by La Razón.

These findings could have important implications for healthcare providers. The researchers suggest that physicians should inquire about the type of alcohol consumed to better guide discussions about healthy behaviors. Dr. Novack encourages patients to share their alcohol consumption habits, including the type of alcohol, with their physician to prevent liver diseases and guide discussions about healthy behaviors. Healthcare professionals could suggest increasing fruit and vegetable intake, as well as physical activity, to patients who identify as beer drinkers. "Beer-only drinkers might benefit from increasing their fruit and vegetable intake and physical activity levels," according to ScienceBlog.com.

Stephanie Schiff, a registered dietitian nutritionist at Northwell Health's Huntington Hospital, suggests that physicians and registered dietitians discuss alcohol intake with patients. She said, "While alcohol was once thought of as healthy, it gradually seems less so—even red wine doesn't have the health halo it used to have," as reported by the New York Post. Schiff added, "The public would do itself a bit of good in drinking as little alcohol as possible and eating a healthy, mostly whole-food, plant-heavy diet."

The study's limitations include that participants reported their own eating and drinking habits, which may not have been accurate. Despite these limitations, the research supports a 2006 Danish study that suggested wine drinkers eat more healthily than ale fans. The earlier study found that wine enthusiasts buy more olives, fruit, vegetables, poultry, cooking oil, low-fat cheese, milk, and meat, while beer drinkers prefer ready-cooked dishes, sugar, cold cuts, chips, pork, butter or margarine, sausages, lamb, and soft drinks.

Dr. Novack emphasizes the importance of understanding the link between alcohol use and nutrition in preventing liver diseases. "Lifestyle changes are key to managing and preventing these conditions," she said. The study highlights the need for healthcare providers to consider patients' dietary habits alongside their alcohol consumption to better guide them toward healthier lifestyles.

 Science Blog

4,300 apartments: Lod, Nofei Ben Shemen,

 

By Micky Gilbert

An Example of a Prashkovsky Project in the New Neighborhood

(photo credit: Zmora)

The City of Lod and the Lod Economic Development Company held a festive inauguration ceremony on Nov 20 for the city’s new massive neighborhood, Nofei Ben Shemen. The event was attended by Construction and Housing Minister Yitzhak Goldknopf, Ministry Director-General Yehuda Morgenstein, Lod Mayor Yair Revivo, Lod Economic Development Company CEO Shiran Bukra Jerbi, city council members, board members of the development company, CEOs, and real estate developers.

The new neighborhood represents a significant step in Lod’s development and growth. It is designed as a modern, innovative residential area with a mixed-use approach. The neighborhood will feature a variety of housing types, extensive public buildings, green spaces, and high-level services for commerce and employment. Spanning approximately 85 hectares, it includes 4,300 housing units, 400 of which are designated for an affordable housing rental project. Some projects in the neighborhood are already occupied, with educational and resident services operational.

At the inauguration, Minister Goldknopf emphasized Lod’s potential, stating: "As the minister of Construction and Housing, I see tremendous potential in Lod, a city rejuvenating itself in recent years. With its central location, quick access to air and sea ports, industrial and commercial centers, and abundant land reserves, Lod is on the brink of major expansion. 

“Under the ministry’s leadership, Lod is expected to add nearly 20,000 housing units in the coming years, almost doubling its population and becoming one of Israel's largest and most desirable cities."

Mayor Yair Revivo: "With great joy and fortune, we officially inaugurate the Nofei Ben Shemen neighborhood today, welcoming the hundreds of families who have already moved in over the past months. Nofei Ben Shemen is a flagship neighborhood combining green living with a community-oriented residential experience in the heart of Israel's most sought-after areas.

Construction and Housing Minister Yitzhak Goldknopf and Lod Mayor Yair Revivo (credit: Calcalit Lod)

 

"The neighborhood is emerging as one of the most promising in Lod and has already been named one of the five most prestigious neighborhoods in Israel by the media,” he said. “This recognition is due to meticulous architectural planning, extensive infrastructure development, and attention to all aspects of quality living and environmental standards. The neighborhood will set a new benchmark for success, offering high standards of living. To those seeking an enhanced lifestyle, I say: now is the time to purchase apartments in these new projects, as availability is quickly running out."

Lod’s CEO of Economic Development Shiran Bokra Jerbi said: "As the city's executive branch and the driving force behind the Umbrella Agreement, Economic Lod under my leadership is preparing for the next steps: advancing the international district and the 'Lodcation' commercial and employment zone, attracting additional strategic employers to the city, ensuring successful marketing efforts, accelerating urban renewal in older neighborhoods, and moving to the next stage of Lod's development. I invite the top executives from development companies present here today to join us in the city's future projects."

During his speech, Goldknopf shared that a few weeks ago, he visited the central Israeli city to console a senior staff member mourning her brother, Mordechai Chaim Amouyal, a hero of Israel from Lod, who fell in battle in Lebanon. The minister noted, "Mordechai was a righteous Jew, always the first to open the synagogue daily, where he taught the Daf Yomi [daily Talmud] lesson." 

Goldknopf asked the mayor to commemorate Mordechai's name, alongside the fallen soldiers of Operation Iron Swords, in the permanent structure of the new neighborhood’s synagogue. The mayor agreed.

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The event was attended by senior officials from the Municipality of Lod and Economic Lod, as well as representatives from the Construction and Housing Ministry and construction and development companies building the neighborhood, including Shikun & Binui, Azorim, Prashkovsky, Aura, Etz Hashaked, Nitzanei Mevaseret, Baal Hatanya, and Aharoni.

One of the neighborhood’s flagship projects is Aura’s development, featuring 602 housing units across 11 buildings, ranging from 7 to 23 stories. Phase A, consisting of eight buildings, is expected to be completed this year. Phase B includes three boutique buildings, each with nine stories. By the second quarter of 2024, Aura had already occupied Phase A with 168 apartments.

Located in the Nofei Ben Shemen neighborhood in eastern Lod, the project sets a new standard for innovation, green living, and mixed-use development, and is part of Lod's broader expansion and development initiatives. The neighborhood will also feature new educational institutions, commercial centers, and extensive public spaces with landscaping and environmental development—all aimed at fostering high-quality living in the city.

What Makes the Project Unique?

The advanced urban planning includes a modern education campus, daycare centers, kindergartens, elementary and high schools, a youth center, a community center, a sports hall, a synagogue, a mikveh, seating areas, playgrounds, sports facilities, landscaped gardens—including a dog park—shops for leisure and entertainment, and an 18-hectare (44-acre) Nahal Park with an ecological lake and amphitheater.

Residents will benefit from convenient access to major highways—Route 40 to the west, Route 1 to the east, and Route 443 to the north—as well as direct connections to the Ben Shemen Interchange, Ben Gurion Airport, Tel Aviv's metropolitan area, and Route 6.

Aura Ben Shemen is the result of a successful collaboration between two leading architectural firms in Israel: Eyal Architects, led by architect Dani Eyal, and Giora Gur Architects.