As Finance Minister, Netanyahu undertook an economic plan in order to restore Israel's economy from its low point during the Second Intifada. Netanyahu claimed that a bloated public sector and excessive regulations were largely responsible for stifling economic growth. His plan involved a move toward more liberalized markets, although it was not without its critics. He instituted a program to end welfare dependency by requiring people to apply for jobs or training, reduced the size of the public sector, froze government spending for three years, and capped the budget deficit at 1%. The taxation system was streamlined and taxes were cut, with the top individual tax rate reduced from 64% to 44% and the corporate tax rate from 36% to 18%. A host of state assets worth billions of dollars were privatized, including banks, oil refineries, the El Al national airline, and Zim Integrated Shipping Services. The retirement ages for both men and women were raised, and currency exchange laws were further liberalized. Commercial banks were forced to spin off their long-term savings. In addition, Netanyahu attacked monopolies and cartels to increase competition. As the Israeli economy started booming and unemployment fell significantly, Netanyahu was widely credited by commentators as having performed an 'economic miracle' by the end of his tenure.[70][71][72]