The Roots of Puerto Rico’s Debt Crisis—and Why Austerity Will Not Solve It


It’s time indeed for the creators of this mess to start cleaning up …. it’s started a long time ago, it hasn’t been addressed & seems it won’t be. In the meantime, who suffers? You tell me …. Don’t think statehood is coming anytime soon.

Repeating Islands

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The US government is at least partially responsible for the emergency, which is affecting millions of what are effectively second-class US citizens, Ed Morales writes in this article for The Nation. Here’s an excerpt. For the complete article follow the link below.

. . .

“The economy of Puerto Rico is mainly controlled by US corporations. It’s a cycle of dependency that reproduces itself.” —Rafael Bernabe

Herein lies the Puerto Rican economy’s “structural problem”: It’s not about workers having salaries and benefits that are too high; it’s about the fact that the island’s territorial status means that since the days of the 19th-century sugar growers, whose drive to avoid tariffs were an early manifestation of hemispheric free trade, capital has fled the island at a steady rate, without interruption. “The economy of Puerto Rico is mainly controlled by US corporations, which generate a tremendous amount of profit that is not…

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About Dr. Rex

I'm originally from Puerto Rico. I was born in Santurce and raised in Rio Piedras. Have lived in Florida since 1999. I have a doctorate degree in Medicine; completed in 1976. My Internal Medicine specialty was completed in 1979. Worked for Puerto Rico's health system until 1985. At this time, I'm happily retired after working for the federal government for almost 28yrs. I want to offer any knowledge that I have to anyone "out there" who is interested. My views are liberal in almost every sense. My knowledge is "eclectic" - a bit of everything. Music and reading are my passion. Blogging has also become a very interesting endeavor. Metaphysical topics attract me. I'm interested in news reporting human issues like injustice, discrimination and abuse - the "wrongly" affected. My intention is to bring this knowledge to an understandable level and to help anyone in need. I'm open to questions and will answer them to the best of my ability. Currently working on an enterprise whose main mission will be to bring peoples of all walks of life together. To be one .... since we ALL are ONE!! The future looks bright and promising!!!

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