Political Quotes

“I want to commend President Bush, Speaker Pelosi, and Ranking Member Boehner for their bipartisan leadership in compromising on this economic stimulus package, and in their generosity and sense of fairness in making these economic relief measures extensive to the U.S. citizens of Puerto Rico. I also want to take this opportunity to thank my colleague and friend, Congressman Jose Serrano. His leadership and sense of fairness was key in our inclusion in the economic stimulus package. Puerto Rico is in dire need of this economic stimulus package. Although this measure is intended to avert a potential recession in the U.S. economy after several years of strong growth, Puerto Rico's economy has been in a recession for the last 2 years. Our economy is in a 'perfect storm' scenario with recurring fiscal imbalances caused by uncontrolled government expense, dramatic tax increases, and misguided economic development strategies of the local state administration, resulting in higher unemployment and reduced consumer confidence. Residents of Puerto Rico pay the same Social Security and Medicare payroll taxes as our fellow citizens in the States. Payroll taxes are especially regressive in the case of Puerto Rico since the per capita income on the island is only one-third the national average.”