Here, Brethren: Name the largest money-making, profit-centric agency in Our government?
Now those of you who passed PoliSci 101 will know that a democratic government such as Ours (chuckle) is not profit-oriented. Sigh. Theory is so wonderful, isn't it?
Those of you who get your news from the shoe-sized IQ of Primera Hora's front 8 pages will say "Hacienda, coño," and you would be partially right, as Our Treasury Department is set for collecting money. But technically it doesn't make money because it doesn't produce anything...of value to Us, that is. Plenty of pettifoggery and corruption, though, to serve syphilitic hyenas.
And for those of you "Brethren" who get your news mainly from a 6 o'clock closet gay puppet-brain with barely the morals of a back alley ghetto crack whore, you aren't reading this anyway, so screw all of you and the horses' asses you vote for with reptilian passion.
The answer is the Puerto Rico Electric Power Authority, PREPA for short. It makes money through its monopoly on electricity. It makes huge amounts of profits because it is a monopoly of electrical power. And those profits fuel the bond issues--the rising tide of long-term debt--that powers (pun intended) the current cash-grab We call government.
How does PREPA screw Us daily? Let Me repeat Myself:
1) By creating debt: Since 2009, as sales tax based (IVU) bonds were declining because (a) sales tax revenue was getting farther and farther away from projections and (b) the debt limit there was reaching the breakdown point, PREPA and its bonds emerged as the primary shafting device to mortgage Our future as the diseased hyenas raked in their gains now. Whether pretending to reinvent government and economic policy or trying to shove a GasoDildo through the Island, PREPA's bond issues have exceeded former limits by at least $1.8 billion and helped push Our national debt level to equality with our Gross Domestic Product. In other words, We owe as much money as We take in, while Our debt rises and Our "income" falls. You know what a recipe that makes.
2) By overcharging Us in the "fuel surcharge adjustment": I'll keep this simple, because it is. Regardless of how much PREPA lies--blatantly and consistently--about what the adjustment formula is and how it applies, the basis for it is simple: We are paying an extra fee based on one part of the electricity production cost. Why? Because the electrical rate is regulated, more for political reasons than economic ones. So rather than adjust the rates (fair, but costing whatever poopyheads are in power votes), We get the adjustment fee.
We paid $70.65 for fuel, for 400 kWh. How many kWh does a barrel of oil produce?
And what is the current rate (as of today) of a barrel of oil?
So how the fuck does PREPA justify """adjusting""" the fuel rate to make $299.64 a barrel?
Now, it's true that the oil they bought was purchased several months ago. Let's check what the price of oil was averaging 6 months ago: about $104 a barrel. In any case, it topped out at $111 or so over the past year. Does that in any way """justify""" making close to 200% mark-up profit?
Unless of course, your primary goal is to rake in as much cash to sustain a severely bloated workforce, pay for executive-level compensation in the $200-300K each a year for a dozen or more lackwits, some of whom are actually stealing electricity and furthermore being the economic engine of graft, corruption and thievery know as the (non)government.
Who controls the electrical rate We pay? The government, """for the public good."""
Who controls the fuel surcharge We pay? PREPA, against the public good.
I'd say We should strap them all to an electric chair and throw the switch, but that would overload the system.
Let's set them on fire, instead.
The Jenius Has Spoken.