Budget will cover cash shortfall, economic development initiatives

By : JOHN MARINO
Edition: April 25, 2013 | Volume: 41 | No: 15

At least $1.64 billion in new tax measures being considered to pay for it all; increased tariffs also on the horizon

Gov. Alejandro García Padilla is expected to present to the Legislature tonight a budget that aims to make up for shortfalls in government revenue and cover the cost of campaign pledges and new initiatives, including heightened efforts aimed at creating jobs and jumpstarting the stagnant economy.

A series of new tax measures will be implemented to pay for the bigger budget, but government officials insist they are keeping spending under control. The García Padilla administration proposals total $1.64 billion, but the Legislature is also proposing several other fee and tax hikes, which could push this figure up even higher.

Office of Management & Budget Executive Director Carlos Rivas Quiñones said the budget figure may have a “substantially higher dollar” amount than the current budget, but added that it would be “misleading” to assume the administration would be spending more money than this year. Rather, the budget will accurately reflect the government’s total liabilities, something that the budget inherited from the previous administration didn’t do, he said. READ MORE

Coffee Cultivation and Economic Development in the Castañer Region

Coffee has been grown in Puerto Rico for over 275 years. Between 1855 and 1898, for a relatively brief moment, all the necessary conditions to sustain a vigorous coffee industry were sustained in Puerto Rico: cheap land; an abundant, dependent and low-paid labor force; credit and financing by merchant firms; favorable access to international markets; relatively high market prices; and the agricultural know-how to take advantage of it all. Today, however, the coffee industry is on the verge of disappearing from the island.
 
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Ponencia del Centro para la Nueva Economía ante la Comisión de Hacienda y Asuntos Financieros de la Cámara de Representantes del Estado Libre Asociado de Puerto Rico

Introducción

Buenos días, Honorable Representante Antonio Silva Delgado, Presidente de la Comisión de Hacienda y Asuntos Financieros de la Cámara de Representantes del Estado Libre Asociado de Puerto Rico, Honorables Representantes miembros de esta Comisión y a todo el publico que nos acompaña hoy.

A manera introductoria, es preciso mencionar que la mayoría de los países desarrollados y de los estados de la nación Americana han implementado algún tipo de política económica para incentivar el desarrollo económico. Ciertamente, aquellos países y estados con una base industrial desarrollada ofrecen distintos esquemas diseñados para atraer la inversión. De hecho, el programa de desarrollo económico del estado de Indiana, enfocado en fomentar la industria del conocimiento, se ha mencionado como posible modelo para Puerto Rico. Por lo tanto dejar a Puerto Rico desprovisto de este tipo de herramientas, con todo y los defectos que éstas puedan tener, nos pondría en una posición de desventaja no sólo vis-a-vis sitios como Irlanda y Singapur, sino también vis-a-vis los 50 estados de la unión.

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