The first step is fiscal consolidation. The goal is to eliminate the budget deficit in the next five
years, even if the oil price stays low. Though there is much flab to cut, that is still a perilous
undertaking which means dismantling the system according to which petrocash,
not taxes,
pay for free education and health care as well as highly subsidised electricity, water and
housing. More than money is at stake: this largesse has disguised how far the economy is
chronically unproductive and dependent on foreign labour. It has been too easy for Saudis to
avoid working, or to snooze away in government offices.