Puerto Rico Fiscal Update

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The Center for the New Economy (CNE) has just published its analysis of the proposals contained in the Governor’s budget request for fiscal year 2013. The analysis also includes a review of the fiscal trends for the fiscal year 2012, which ends on June 30, as well as an update of ten budget indicators that CNE has followed over the last five or six years.

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Puerto Rico’s Keynesian Recovery

The Puerto Rican economy is beginning to show signs of life after a six-year contraction.  According to official government statistics Puerto Rico should finish fiscal year 2012 (which ends on June 30) with positive growth of 0.9%.  Nothing to brag about really, but after six-years of economic bloodletting this anemic growth rate can be truthfully described as good news.

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Uncertainty, imperfection, and hope

I recently finished a book by Stephen Green, chairman of HSBC, one of the largest banks in the world, and an ordained priest in the Church of England since 1988.  Good Value: Reflections on Money, Morality, and an Uncertain World (Atlantic Monthly Press, 2010), is an extended meditation on globalization and economics.

Mr. Green prefaces his analysis by asking us first to accept and make peace with three “perplexing realities” or permanent “ambiguities” as he calls them.  The first ambiguity lies in the unavoidable imperfection of human nature.  Human beings are idealistic, driven to imagine ideas and objects of great beauty and purity.  Yet, the very moment we strive to create, to make those ideas part of the world, they become flawed, imperfect, in short, they become human.  Imperfection, thus, is “deeply part of us, and we are part of it.” Continue reading “Uncertainty, imperfection, and hope”