Alberto Bacó was Puerto Rico’s Secretary of Economic Development (SED) for four years. During this time he gave enormous 20-year tax breaks to US billionaires and corporations, to “develop the economy” of Puerto Rico.
But now in 2016, Bacó has admitted that unemployment increased, and the economy plummeted, during his time as SED…in other words, Bacó developed nothing.
SECRETARY OF ECONOMIC DISASTER
Actually, it was worse than nothing…since jobs, tax revenues, and gross national product all went down during his tenure, and over 100,000 people left the island for lack of work.
Bacó was so inept at his job, that the government ran out of money. In fact, his title should have been “Secretary of Economic Disaster.”
Bacó admitted his failure ten months ago, back in February 2016. Then he exclaimed that “not even Batman or Superman could grow our economy.”
Try telling that to your boss, when you fail to do your job.
IT COULD HAVE BEEN WORSE…
Actually, it could have been much worse.
Imagine if Bacó were a cardiologist who killed your mother on the operating table. Then he’d announce: “Not even Batman could fix that old woman’s heart.”
Or an engineer whose building collapsed: “Not even Superman could hold that building together,” Bacó would whine.
Bacó is the King of Excuses, who fails to do his job and then blames everyone else. He even has the face of a deeply irresponsible man.
Unfortunately, Puerto Rico will have to pay for his irresponsibility. The Financial Control Board (FCB) will not demand any money from him, to pay for his failed projects…or for his tax giveaways to US billionaires. The people of Puerto Rico will pay for it.
ONE POSSIBLE OPTION
Bacó gave away the candy store, to billionaires like John Paulson who won’t pay interest, dividend, or capital gains taxes for 20 years.
But there is one possible option…the FCB is empowered to review, modify or reverse any aspect of the island’s economy.
Rather than slash pensions and lower the minimum wage, the FCB should eliminate the tax giveaways of ACT 20 and ACT 22…since by Baco’s own admission, those giveaways have not generated any real “economic development” for the island.
The FCB could also claw back some of the billions of tax dollars which Alberto Bacó – the Secretary of Economic Disaster – gave away to John Paulson, Nicholas Prouty, and hundreds of foreign corporations.
With this money, the FCB could then:
All of this is possible…if Bacó has nothing to do with it, and if the FCB has a fraction of concern for the island.
The FCB can undo much of Baco’s damage…if it makes some major changes in the ACT 20 and ACT 22 tax giveaway program.
You can’t inflict “austerity” on an entire people, and let foreign billionaires get off scot-free.
That would be a humanitarian crime.
For a history of the War Against All Puerto Ricans, read the book…
Si prefiere ver la página web en español por favor visite: http://www.guerracontratodoslospuertorriquenos</span