Maintaining a vibrant economy is the most important kind of social justice, Prime Minister Binyamin Netanyahu said in a Tuesday night interview with Channel 1.

"I have a responsibility to watch over the economy, and that is the most important kind of social justice," Netanyahu said in defense of the government's decision to cut budgets and raise taxes.

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Society's weakest sectors would only contribute to 3 percent of the approved tax increases, Netanyahu argued, highlighting that capital gains, corporate tax, and taxes on the wealthy accounted for a majority of the NIS 15 billion in new government revenues.

Relative to the crisis in Europe, the stagnation in the US and the slowed growth in China -- all factors Netanyahu cited as dragging on Israel's export-based economy -- Israel was still doing rather well, Netanyahu said. "Why is the economy good? Because we managed it properly!"