Listen: Jane, Elliot, Gutierrez discussed on Latino USA
"Okay jane so where do we start why don't we start with a man that i met name elliot's gutierrez my name usually us will there is and i have been a professor at the university of puerto rico's graduate school of planning since nineteen sixty five professor guitars he's very sweet man he's about seventy six years old he's a fairly conservative particularly within per weaken economists and he'd been writing for years and years and warning people that the economics of the island were headed for trouble we were going to generate the monster we did i call it johnny hot that monster was the debt it was also clear even then it was not going to be able to to dominate the monster that we had created and elliot's he explained to me how that debt monster was created from the beginning what do we call has been us territory since eighteen ninety eight i'm gonna be in shoreline christopher columbus l prankul rico and over the years the us congress passed various tax benefits to encourage american manufacturers to come into produce things in puerto rico inventive and ten year tax exemption another tax freedom attracted some three hundred thirty five plants commonwealth since one thousand nine hundred forty eight so for long period puerto rico's economy grew and it became more dependent on those manufacturing overseas i'm ornery go as an integral part of the american economic system a new frontier for business enterprise and those tax benefits continued and more recently there was a specific tax benefit that drew a lot of american pharmaceutical manufacturers to the island during the nineteen eighty s and the nineteen nineties seven of the ten best selling pharmaceutical products are produced in puerto rico who in big part of the economy attractive tax incentives so the economy grew and grew donate ten months quarterback element."