Since Hurricane Mari hit Puerto Rico last September, the number of people working has increased each month. This should be no surprise. In September, companies on the island were posting on Facebook, asking their workers to contact them to make sure that everyone was still alive. By October, according to the latest numbers from the… Read more »
Last week marked the first Major League Baseball games in Puerto Rico since 2010. Baseball players stayed away from Puerto Rico for fear of the Zika virus in 2016, and Hurricane Maria damaged the stadium in 2017. In 2018, though, baseball is back. The Minnesota Twins and Cleveland Indians played a special two-game series, honoring… Read more »
Democrat leaders on Puerto Rico issues in the U.S. House of Representatives late yesterday rejected the fiscal plan for the Government of Puerto Rico adopted by the Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA) Financial Oversight and Management Board. Representatives Nydia Velazquez and Jose Serrano of New York echoed Board Member Ana Matosantos in… Read more »
A series of letters sent back and forth over the past few weeks highlights the tension growing among Puerto Rico’s elected leaders, the PROMESA oversight board (FOMB), and leaders in Washington. The FOMB was scheduled to approve Governor Rossello’s fiscal plan on March 30th of this year, but still has not done so. It is… Read more »
Puerto Rico Governor Ricardo Rosselló Nevares yesterday outlined a broad package of deep tax cuts that he has hoped to get enacted by June 30th. The reductions will save taxpayers $451 million next year and $849 million a year by 2023. Individuals would not have an income tax liability if their incomes are under $12,500… Read more »
On April 10, Puerto Rico Governor Ricardo Rossello Nevares provided a second monthly report to the U.S. Congress on the development of a recovery plan for the territory from last September’s hurricanes. The report comes in the form of a letter from the Governor to leaders of the House and Senate, including Senate Majority Leader… Read more »
A report from the Youth Development Institute of Puerto Rico sounds a call for help for children who are still affected by Hurricane Maria — the cadre they’re calling “The Maria Generation.” “The Impact of Hurricane Maria on Puerto Rico’s Children,” by Amanda Rivera Flores and Caridad Arroyo Quija, begins with a reminder that 56%… Read more »
Manufacturing has been an important industry for Puerto Rico since Operation Bootstrap shifted the focus on the Island from agriculture to manufacturing, beginning in the late 1940s. Between 1950 and 1960, manufacturing jobs increased from 55,000 to 82,000. By the 21st century, manufacturing accounted for 46% of the Gross Domestic Product of Puerto Rico —… Read more »
The Puerto Rico Financial Oversight and Management Board (FOMB) reportedly plans to adopt its own final revised, multi-year fiscal adjustment plan for the territorial government by the end of the month after receiving Governor Ricardo Rossello Nevares’ plan late last week. The FOMB had planned to adopt a final plan by April 20th. The revised… Read more »
Puerto Rico’s need for jobs in the short term could be satisfied by construction and other work relating to rebuilding the Island. For Puerto Rico’s economic future, however, other industries will have to grow. One of the industries that was making headlines before Hurricane Maria’s destruction has historically been of high importance to Puerto Rico:… Read more »
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