Petitioning Representative Paul Ryan and 2 others

Bring Back Bootstrap for Puerto Rico

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From the 1950s into the '90s, Puerto Rico was an economic success story.  This was largely because of Operation Bootstrap, a Congressional initiative to overcome colonialism and lift Puerto Rico economically.  It worked!  Providing manufacturing incentives, of course, brought jobs to the island.  Puerto Rico was the economic jewel of the Caribbean. 

Unfortunately, in the early 1990s, the program faced opposition as a form of corporate welfare.  In 1996, President Clinton signed a law phasing out the incentives.  They ended 10 years later and Puerto Rico's economy has been in the tank ever since.

The United States has an obligation to shed its colonialist past and help Puerto Rico get on solid economic ground.  Puerto Rico has a lot of problems to be sure, but the biggest is lack of jobs. The return of Operation Bootstrap is the main tonic for Puerto Rico's ills, a drop in the bucket for the overall U.S. tax structure, and our moral obligation to our fellow citizens there.  

BRING BACK OPERATION BOOTSTRAP!

http://www.msn.com/en-us/money/markets/heres-how-an-obscure-tax-change-sank-puerto-ricos-economy/ar-AAsuXsA

 

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