Puerto Ricans Need to Stop Living Like Kings and Learn to Work in Sweatshops

in cOHERENT Thoughts

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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