Conversation on March 7, 2016 with Richard Ravitch, Former Lieutenant Governor of New York, on Fiscal Responsibility Rules and their applicability to Puerto Rico

Mr. Ravitch was unable to attend the Center for a New Economy’s March 2 panel “Is a Federal Fiscal Control Board the Only Option for Puerto Rico?” due to an unforeseen situation, but he kindly shared some of his thoughts with the panel’s moderator, Deepak Lamba-Nieves, after the event.

Ley de responsabilidad fiscal

La crisis económica y fiscal de Puerto Rico ha generado una serie de debates sobre como atender una situación socioeconómica que se deteriora rápidamente. En términos generales, existe un consenso de que la solución a los problemas de Puerto Rico contiene por lo menos tres elementos.

Steps for Fixing Puerto Rico’s Fiscal Problems

The following piece was developed by our colleagues at the Center for Budget and Policy Priorities (CBPP). It was written by Nicholas Johnson, CBPP’s Senior Vice President for State Fiscal Policy, and it was originally published on CBPP’s website on February 9, 2016.

There Is Another Way: A Fiscal Responsibility Law for Puerto Rico

Puerto Rico’s drawn-out economic and fiscal crisis has prompted a series of debates on how to address a rapidly deteriorating socioeconomic situation. Amongst the options being discussed in the federal sphere is the establishment of a fiscal control board for Puerto Rico, similar to the one adopted in Washington DC, that would essentially command all aspects pertaining to government budgeting and spending. We strongly believe that this is not the only way forward.