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Gov. Fortuno on Revamping Puerto Rico

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    Puerto Rico Governor Luis Fortuno discusses how the territory revived its economy.

  • Duration 6:12
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America's on the road to serfdom mainly because our politicians won't stop spending.

Few years back one part of America was even further down that row.

-- -- -- Politicians are spent so much intact so much the business fled.

They're deficit was -- -- when the current governor was elected he found there wasn't even enough money to pay the government's workers.

That governor is Luis for to a -- he change things and may have taken Puerto Rico off the road to search them so what did you do.

Well we we actually did what every American family doesn't -- what every basis then -- -- dust and their basis.

Actually we'd stop spending more than we were taken in.

And -- and we just focus on what was important.

And -- we started lowering taxes.

But you can't.

Cut the deficit just by lowering taxes unless -- cut spending big in in the mainland.

Politicians.

Have not wanted to do -- three years time we have caught our state budget deficit by 90%.

And we are in our wrote to balance our budget next year are how you you fired workers even.

In Wisconsin with all that -- the governor didn't fire anybody -- you actually fired government workers.

But the other day I commenced -- final salary so I cut my -- -- by 10%.

I froze everyone salaries I actually cut dramatically in all of forward contracts.

Leases merge agencies but on the other day we have no choice so we have to let go people.

And then we also provide a mechanism for others to leave and actually -- their own businesses and the other day they're making a lot more money.

And I -- makes more sense for -- for taxpayers here we interviewed one woman who was upset she was laid off but then she started her own business.

Which he even named after the law that's fired her last seven -- -- see actually it was the most difficult to Vissicchio I'm ever made in public life.

Having said that however it was the right thing to do.

And that meant 39000.

Fewer people now work for the government in three years 121500.

Were fired something you -- hear much about in the United States this wasn't.

Popular you were really and popular at first people.

Practically rioted outside your house and I and it's understandable again it it is a very tough position.

And where you are used to having the -- take care of everything.

You wonder what's gonna happen the next day -- the next day -- we set up you know the proper conditions you set of your own business.

Now or you go on work with somebody else's basis and proper conditions that included simpler rules actually.

-- -- processes would is that it -- -- real so crazy that it -- start in business accepted to start a business so we've simplified it dramatically.

We have you want to talk 28 permits to open a store value at a one office sector you can do it on -- now.

And -- one result of this is the businesses that had fled are now returning of course they're expanding.

A lot of people are looking at us I -- and Wal-Mart Costco Coca-Cola.

Drug companies exactly.

It just makes sense to actually to -- basis where -- you're want to.

And and where it simpler to set up -- this -- how we what we can keep more of year old Carter money.

So.

Puerto Rico is the good news story it it in mind depressing book about deficit spending I have this vision that Americans are gonna.

Go to their state capitals with a sign -- and start saying the politicians know you can't spend all our money you don't make it better.

I mean you have any sense that other.

People are getting this message.

Why -- certainly hope so it makes sense to get your fiscal house in order.

And simplify eight you know that -- rules of the gained -- -- people can can actually invest.

-- -- businesses and create jobs leave it to the non politician of course they actually politicians actually will mess that up.

And that's a way I see it all births so -- but.

Do any of your colleagues get that I don't hear that from politicians are there -- many governors around the country that are doing exactly the same thing and and that actually you have to go to the state level to understand.

How you're supposed to -- -- garment.

And -- people called to a fascist and Nazi after the firings and we're very upset and -- last year hedging down 22 points behind -- likely opponent.

But this year Sears -- even then even.

-- convinced that.

If you -- the proper conditions.

Create the jobs in the private sector.

Lower taxes.

That that voters will color around and that that's exactly what's happening.

They won't come around right away people don't like firing I mean I do but normal people don't like -- -- government workers.

Ronald Reagan was unpopular at first wanting to shrink or doesn't -- your argument is over time they see results.

And that's at.

That's what voters.

Are looking for results I'll give you an attempt.

Our one of our main toll roads actually two of them.

They were not well maintained well that -- and and for served.

So we provided a forty year concession to a private.

Sector company a private profit making company of course.

Their toll roads look much better now.

Actually a well kept -- run by the private sector next month will do the same thing with our main airport.

We're doing it would.

Penitentiary facilities and -- and so forth even school construction and maintenance.

And are now being handled strictly a private sector.

Do a quick like a band they he's saying but it is not EC.

I am the first one to you know I actually real how easy it works it's better but it works yeah exactly that this doesn't work as well what exactly it works.

And and but not everyone is willing.

To take the risk.

Of not being on poplar.

Even if it's right thing to them thank you governor -- junior now.

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