Management. and Economic Stability Act . Puerto Ricos problems go beyond shortterm debt service. Federal changes to their unique tax structure have helped push the territory into recession for a decade. which in turn has driven massive emigration elsewhere. which harms their ability to attract investment and fair financing. which has only further imperiled the Islands fiscal situation. It is the very definition of an austerity driven destructive cycle. Correcting its course is no easy task. but Puerto Rico can succeed if they receive two necessary things: time and support. First. an immediate stay on debt collection and payments that would allow time to develop a negotiated resolution. or absent that a bankruptcy process that treats creditors equitably. All creditors should expect to shoulder some of the pain. but nobody should take unfair lossesleast of all the pensioners who can least afford an unequal burden. Second. an economic development plan that reflects Puerto Ricos unique challenges. like emigration to the mainland. which hinder the islands ability to rebuild its tax base and attract new investment. Alternative energy programs and tax incentives should be supported to encourage a more selfsufficient economy. Public health efforts should be directed to the island in order to evaluate growing problems that disproportionately affect Puerto Rico. such as Zika. PROMESA. while well intentioned. simply may not fully address the magnitude of Puerto Ricos problems. Without an adequate commitment to improving economic stability on the island. talented residents will continue emigrating elsewhere. industry will further wither because of substandard public services. and local fiscal problems will likely escalate. Further. the ridiculous riders that potentially undercut wage and overtime protectionsas well as environmental regulationsrepresent a cynical effort to take advantage of the Islands desperate situation. It is a shameful reminder that many in this body see Puerto Rico as a colony unworthy of the privileges we enjoy on the mainland.
Keywords matched
emigration emigrating