Puerto Ricans Need to Stop Living Like Kings and Learn to Work in Sweatshops
March 14, 2015 1 Comment
An urgent read about Puerto Rico’s maladies and Bloomberg’s problematic article. It is short and necessary.
An article in BloombergView, condescendingly entitled Helping Puerto Rico Prosper, pretends to offer a solution to the island’s economic maladies. Of course it has gone viral. The article presents a laundry list of what is ailing Puerto Rico while slowly but surely making a nuanced case for right wing economics. Here is the laundry list.
• Since 2006, Puerto Rico’s economy has contracted every year but one.
• Its unemployment rate of 13.7 percent is double that of the U.S. mainland.
• Its poverty rate is twice that of Mississippi.
• Puerto Rico’s population and tax base have aged and shrunk.
• Since 2000, public debt has risen from 60 percent of gross domestic product to more than 100 percent.
• Much of that has been racked up by the island’s inefficient public-sector corporations.
After presenting these well-known facts, the article argues for deregulation- of the worse kind. It…
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