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PROMESA Impact on Local Economy: Colonialism vs Community Ownership

Explore the effects of PROMESA on Puerto Rico's economy, from high sales taxes to the loss of federal incentives. Learn how community ownership can increase local benefits and create jobs. Discover the need for accountability and the importance of allowing communities to choose their own path. Visit www.ilsr.org for more information.

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PROMESA Impact on Local Economy: Colonialism vs Community Ownership

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  1. John Farrell Director Energy Democracy Initiative of the Institute for Local Self-Reliance

  2. PROMESA applies highest state sales tax in nation (11.5%) to repay hedge fund creditors End of federal manufacturing tax incentives starts 10-year economic downturn Last federally appointed governor gives free electricity to municipalities; costing each customer $123 in 2016 “Semi-colonial” PROMESA board strips local financial control Today 2019 2016 1940 2019 2005 1940s ☹️ COLONIALISM

  3. Accountability? ☹️ PRIVATIZATION

  4. 😄 SCALE

  5. 😄 SCALE

  6. Community Ownership Increases Local Benefits Economic Impact by Project Ownership Jobs by Project Ownership 😄 OWNERSHIP

  7. Community Ownership Increases Local Benefits 😄 OWNERSHIP

  8. The rules must allow communities to choose www.ilsr.org

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