Puerto Rico Revival: Luis Fortuño, Spending & Tax Cuts

Luis Fortuno

Governor Luis Fortuño is a man of accomplishment, a man of renewal and a man of history. And on August 29, 2012;  Fortuño spoke at the Republican National Convention reviving America’s love affair with real leadership, with hard work, and with tradition.

Luis Fortuño renewed America’s love affair with President Ronald Reagan.

Entering public service in 1993, Fortuño quickly made rank becoming Puerto Rico’s 1st Secretary of the Department of Economic Development & Commerce in 1994.  Tasked with developing & implementing large-scale changes to Puerto Rico’s tax, labor, corporate and commercial codes led to Fortuño being awarded the Distinguished Executive of the Year, and the Public Servant of the Year in 1994.  He was re-named Public Servant of the Year in 1995, and one year later took an active role in forming the Republican National Convention Platform.  Fortuño was the first representative to successfully add “self-determination” and potential statehood for Puerto Rico to the platform.

Gov Luis Fortuno ThumbAfter the 1990s, Fortuño became a man of many firsts—a trail blazer. He redefined politics in Puerto Rico–from the politics of need and dependency, to the dreams of of an independent people–Fortuño was the first Republican elected by Puerto Rico to serve in the US House of Representatives (Roll Call here) 2005-2009.

During his wildly popular term as the Representative from Puerto Rico, one steeped in the Reaganesque ideology of rugged individualism, Fortuño quickly announced his goal to revive an ailing Puerto Rican economy and his bid for Governor.  And he won in a landslide.

Luis Fortuño became the 1st Republican Governor of Puerto Rico since 1969, only the second since 1949.  And Puerto Rico hit a home-run at exactly the right moment in time.  For the first time in its history, Puerto Rico led the nation in deficit per capita, mostly result of bloated government pensions & gold plated benefits found in its public sector unions.

When I first took office, I inherited a $3.3 billion budget deficit. It was the largest budget deficit per person in the US. We could not even meet our pay roll. We were on the brink of bankruptcy. But we did not shy away from our responsibility to lead. We cut government expenses by almost 20% across the board, starting with my own salary. We reduced our deficit by 90% while continuing to invest in our schools, hospitals and highways.

Governor Fortuño continues

At the same time, we slashed taxes. Puerto Rico cut personal income tax by 50% and cut business taxes by 30%. It was the largest tax cut in Puerto Rico’s history!

The result?  Just like in New Jersey, with the same spending reforms by Gov. Chris Christie, and in Wisconsin under Scott Walker, the Puerto Rican economy here was jump started and now private businesses are hiring again. He cut the annual deficit from $3.3 Billion per year to now just $330 million, and the budget will finally be balanced–after popular democrat demise–as of July 2013.

Imagine if we had national policies that supported, rather than prevented growth. We could then begin to truly unleash the prosperity that our country and our people truly deserve. Our families will not be able to grow their own budgets, if Washington continues to grow Government’s budget.  We need to get government out of our way!

For the record, Luis Fortuño also signed a Letter sent to Congress and the White House demanding the repeal of ObamaCare (the Affordable ‘Care’ Act) here stating that its oppressive mandates and its growing cost of premiums is both bad for Puerto Rico, and bad for the country.

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One thought on “Puerto Rico Revival: Luis Fortuño, Spending & Tax Cuts”

  1. Luis Arroyo says:

    Unfortunately, his economic reforms, his stabalizing of the economy, reduction in debt, reduction in unemployment, a historic vote for statehood,the stabilized credit ratings all went to the garbage! !!
    On nov 6th, the American people of Puerto Rico did the most contradictory thing imaginable,….voted to end the territory commonweath by 54%, and voted by 61% for statehood. Reelected Pierluisi to Congress (he’s pro statehood), yet voted out the PNP?Republican Governor and narrowly elected Alejandro Garcia Padilla,of the increasingly leftist pro independence “popular” Democrat Party!! AGP has already vowed to “create 50,000 jobs” and promised “not to be governor for the bond agencies” Moody’s immediately downgrades Puerto Ricos’s bond rating to JUNK!!!!! Standard and Poor is next!
    AGP promises he’ll undue Fortuños reforms, A TRUE TAX AND SPEND LIBERAL, who gave an. Inaguration speech full of nationalist undrtones!!!
    Puerto Rico will be the next Greece, and the USA will be forced to either bail them out & impose the IRS income taxes to repay uncle sam, or CUT THEM LOOSE & wash their hands!

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