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To: raiderboy; cll
We don’t have any responsibility for their profligate debt.

Not exactly true, Clinton killed their economic boom.

PR had a stable economy that was growing until Clinton repealed Section 936

https://www.cnbc.com/2017/09/26/heres-how-an-obscure-tax-change-sank-puerto-ricos-economy.html

"More than half a century ago, U.S. lawmakers sought to help Puerto Rico emerge from a colonial past, transforming its largely agrarian economy into a manufacturing powerhouse. The effort, known as Operation Bootstrap, began with a series of tax breaks designed to attract manufacturers who would provide steady factory jobs.

For a time the plan seemed to work, as standards of living in Puerto Rico rose. Between 1950 and 1980, per capita gross national product grew nearly tenfold in Puerto Rico, and disposable income and educational attainment rose sharply, according to the Center for a New Economy, a think tank based in San Juan, Puerto Rico.

One of those tax breaks, enacted in 1976, allowed U.S. manufacturing companies to avoid corporate income taxes on profits made in U.S. territories, including Puerto Rico. Manufacturers, led by the pharmaceutical industry, flocked to the island.

But by the early 1990s, the provision faced growing opposition from critics who attacked the tax break as a form of corporate welfare. Much like the current debate over corporations parking profits offshore to avoid taxes, tax reformers saw the provision, known as Section 936, as too costly for the Treasury.

The tax break also had some unintended consequences, notably the unfair tax burden that fell to domestic Puerto Rican companies.

In 1996, President Bill Clinton signed the law that would phase out Section 936 over 10 years.

Plant closures and job losses followed. Ten years later, on the eve of the Great Recession, employment in Puerto Rico peaked. Left with a dwindling tax base, the Puerto Rican government borrowed heavily to replace the lost revenue".

Like everything else they touch, the Klintoons destroyed PR's economy.

46 posted on 08/21/2018 2:25:01 PM PDT by Rome2000 (SMASH THE CPUSA-SIC SEMPER TYRANNIS-CLOSE ALL MOSQUES-GOD WITH US)
[ Post Reply | Private Reply | To 25 | View Replies ]


To: Rome2000

well We aren’t making up for the clintons — I guarantee that!


47 posted on 08/21/2018 4:20:01 PM PDT by raiderboy (Trump promised “shut down the government” in September; if no wall!!)
[ Post Reply | Private Reply | To 46 | View Replies ]

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