Puerto Rico

Tom Mazanec · Post by **Tom Mazanec** » Sun Jun 26, 2016 6:00 pm

Will Congress's solution actually ruin Puerto Rico? http://www.thefiscaltimes.com/Columns/2 ... It-Instead

aedens · Post by **aedens** » Sun Jun 26, 2016 7:16 pm

Tom Mazanec wrote:Will Congress's solution actually ruin Puerto Rico? http://www.thefiscaltimes.com/Columns/2 ... It-Instead

Good question ask Mitts. I will forward what was seen last week.

Earlier, http://dailycaller.com/2016/03/26/the-p ... m-to-care/

http://www.retiro.pr.gov/files/ERSSenio ... sC_000.pdf hair cut from?

“As best we can tell, it’s a typographical error in the bankruptcy code,” said John Pottow, a bankruptcy expert and legal professor at the University of Michigan. “It should be noncontroversial.”

Giving that power to Puerto Rico would allow some of its subsidiaries, like a debt-laden power utility, to enter into bankruptcy court, giving the territory some breathing room on its finances.
Lawmakers pushing to address that change say it was a simple oversight, and Puerto Rico was always supposed to have the same ability as the states.
Furthermore, they say letting Puerto Rican agencies settle their troubled finances within the bankruptcy system is a far better alternative than the current undefined environment.
“The question will be … who is paid, in what order and by how much,” said Blumenthal in an interview with The Hill. “That is a decision that will be made under the rational and orderly guidance of the bankruptcy court, or it will be done chaotically.”
There is strong support for the change in Puerto Rico, and experts and many investors also back opening up bankruptcy to the island.
But some GOP lawmakers and investors on the hook say that the reality is that billions of dollars in Puerto Rican debt have been sold, and now the rules could be retroactively changed, leaving someone short-changed.

Typo my ass it is a design feature for retards to ignore.

Puerto Rico will probably default on even larger and more consequential payments due on July 1, unless Congress enacts rescue legislation before then. On that date nearly $2 billion is due, roughly $800 million of which consists of general-obligation bonds that carry an explicit guarantee by the Puerto Rican Constitution.

U.S. based corporations to shift production facilities to Puerto Rico in order to reap the benefits of Internal Revenue Service Code 936, known as the Possessions Tax Credit, and generous Puerto Rican tax breaks. Although these tax laws provide incentives for U.S. companies to set up plants in Puerto Rico.
Claiming a downturn in sales and demand. Six months later, when the company laid off 41 more employees, it blamed the layoffs on a "seasonal downturn" in business. By this time, they had constructed one of the largest pharmaceutical complexes in Puerto Rico, with a total employment of 1,250. In July 1990, They laid off 187 workers at Whitehall's non- unionized plant in Hammonton, New Jersey. The same month, Whitehall vice president Richard Hill met with officials at the Elkhart facility to announce that an AHP study found 500,000 square feet of "excess capacity" within the Whitehall Division and that the "excess capacity" was the exact size of the Elkhart facility. On October 1, They officially announced plans to close the Elkhart facility. In a news release announcing the planned closure, They said its decision was "principally the result" of its 1989 acquisition of A.H. Robins Company and reflected the need to rationalize production between its Whitehall Division and Robins' facilities. The company estimated the "gradual phase-down process" would be completed by the end of 1991.

http://digitalcommons.ilr.cornell.edu/c ... ontext=lrr <---------------

The President was in the correct in the area he visited OCAW has also gathered evidence of other cases of mainland job loss to 936 plants. A study it commissioned by the Midwest Center for Labor Research detailed 25 such cases totaling almost 8,000 direct jobs. Congressman Pete Stark of the House Ways and Means Committee responded with legislation to amend 936 to prevent any future such abuses.

I contacted our Senator to prevent the tire dumping from China. Trump is correct on assertion to trade issues and yes its complicated.