puertorico

Puerto Rico’s Business Climate Problem

[Originally published by Forbes]

 

San Juan, PR–Puerto Rico has defaulted, again. After failing to pay a $58 million bill in August of 2015, it defaulted on May 2 on $422 million in bond payments. This has reignited calls for Congress to bail out the U.S. territory, helping fix a financial situation harmed by unfunded pension obligations, rampant welfare reliance, and a near decade-long recession. But a bailout wouldn’t address the underlying conditions that have discouraged growth. For this, the island needs a better business climate…[read the rest at Forbes]