The Puerto Rican economy is simultaneously recovering from three systemic shocks: the COVID-19 pandemic, the considerable damage inflicted by Hurricanes Irma and Maria, and the upcoming creditor’s vote on the Plan of Adjustment negotiated by the FOMB.
On June 30, 2016, President Obama signed into law the Puerto Rico Oversight and Management Economic Stability Act. As we look back and take stock of the events that have taken place since 2016, the unavoidable conclusion is that the territorial bankruptcy regime set up by that law has failed to achieve most of the goals set forth by its authors.
It has been about three years and eight months since Hurricane Maria struck Puerto Rico on September 20, 2017. It is a good time as any, to take stock of the post-storm reconstruction and recovery process as we approach the beginning of yet another hurricane season in the Atlantic Ocean.
The Earned Income Tax Credit (“EITC”), enacted by Congress in 1975, is a tax credit available to working families in the United States whose incomes range from well below the federal poverty threshold to roughly double the poverty line.
Puerto Rico atraviesa por la situación más difícil que ha enfrentado en medio siglo y la complejidad de la coyuntura actual requiere que se establezcan prioridades claras de trabajo. En este memorando al gobernador identificamos cuáles deben ser las prioridades de trabajo para la nueva administración y ofrecemos recomendaciones sobre cómo atenderlas.
Four years since the enactment of PROMESA, the island of Puerto Rico is still grappling with nearly 15 years of economic contraction and a bankruptcy process that appears to have no end in sight. Making matters worse, just a year after PROMESA was signed into law, Puerto Rico was struck by not one but two devastating hurricanes in a span of 14 days.
On June 22, 2020, PREPA and the P3A entered into an agreement for the Operation and Maintenance of PREPA’s Transmission and Distribution System with LUMA Energy, LLC and LUMA Energy Servco, LLC. This policy brief analyzes important aspects of this agreement; highlights some risks associated with the performance of that agreement; identifies some serious concerns regarding the transaction; and offers some recommendations for its improvement.
The new executive orders enacted by the Government of Puerto Rico, which have allowed more businesses to begin operating after a long lockdown period, have once again raised concerns about the risks of exposure to the coronavirus. As a follow up to previous analyses we conducted on risk by occupations, we produced a new dashboard focused on Puerto Rico’s industrial sectors.