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Author Topic: Puerto Rico's Gov. Fortuno Slashes Deficit  (Read 1059 times)

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Offline Chris_

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Puerto Rico's Gov. Fortuno Slashes Deficit
« on: March 09, 2011, 01:07:34 PM »
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Puerto Rico's Gov. Fortuno Slashes Deficit

When Luis Fortuño was sworn in as governor of Puerto Rico in 2009, the U.S. territory had a deficit that was 44 percent of its revenue. Moody’s was threatening to downgrade its bonds to junk status.

The first Republican governor in Puerto Rico since 1969, Fortuño turned that around by cutting government expenses by 20 percent. He eliminated 17,000 government jobs, modernized government services to reduce costs, and decreased expenditures for official vehicles, cell phones, and credit cards by 10 percent.

In 24 months, Puerto Rico’s deficit has been reduced from 44 percent of revenues to 11 percent. Moody’s has upgraded Puerto Rico’s bonds to A3 status, their highest rating in 35 years.

Moreover, Fortuño has cut the maximum corporate tax rate this year from 41 percent to 30 percent. In 2014, it will go down further to 25 percent.
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Offline thundley4

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Re: Puerto Rico's Gov. Fortuno Slashes Deficit
« Reply #1 on: March 09, 2011, 03:20:22 PM »
Things will get better for a few years, then people will forget how bad it was and elect DemRats and start the fall all over again.
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Offline Ballygrl

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Re: Puerto Rico's Gov. Fortuno Slashes Deficit
« Reply #2 on: March 09, 2011, 03:45:20 PM »
That's awesome!
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"The nation that couldn’t be conquered by foreign enemies has been conquered by its elected officials" odawg Free Republic in reference to the GOP Elites who are no difference than the Democrats

Offline Jmartin

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Re: Puerto Rico's Gov. Fortuno Slashes Deficit
« Reply #3 on: March 13, 2011, 12:50:46 AM »
Maybe Odumbo should follow his lead.
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Offline md11hydmec

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Re: Puerto Rico's Gov. Fortuno Slashes Deficit
« Reply #4 on: March 20, 2011, 01:05:15 AM »
No, its working so he'll run the other way as fast as he can....
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Offline Jmartin

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Re: Puerto Rico's Gov. Fortuno Slashes Deficit
« Reply #5 on: March 23, 2011, 01:40:35 AM »
I find it depressing a US territory is well on the road to recovery, but not one bonified state is even close. Doesn't say too much about are leadship now does it?
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