John Stossels's report "The Money Hole" on Puerto Rico's governor Luis Fortuno was eye-opening.
I had no idea that Latin American countries were effective free-market reforms once again.
Stossel was prescient in his article when he argued that the unsustainable levels of debt harassing this country would be enough to start riots.
Behold Occupy Everywhere.
Governor Luis Fortuno took on the unsustainable levels of debt in his own country drastically, comparing his action to pulling off a band-aid as quickly as possible. In the immediate moment, it will hurt, but in the long run everything will heal back to normal.
This same sudden correction is needed in the global markets. Let the Mediterranean nations of the Eurozone default, let them be pushed out of the Eurozone, but do not prolong the agony.
Fortuno fired 17,000 government workers, an unacceptable level of employment that led to the nation of Puerto Rico hiring one out of three employees.
Like Republican governors across the United States, Fortuno refused to raise taxes on a country that was already excessively taxed.
Like most free-market reforms, Fortuno favored implementing private sector agencies to accomplish services for too long in the hands of the state.
As the governor of Puerto Rico took drastic steps quickly to avoid ongoing political clashes, so did Governor Walker take necessary steps to curb the power of public unions. The moves were massively unpopular, with public unions swarming the capital. Yet six months later, Governor Walker and his GOP colleagues can boast that their reforms are saving their state money while keeping public sector employees still working.
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