The administration of Governor Ricardo Rosselló recently announced its intention to privatize the Puerto Rico Electric Power Authority. I agree with the governor that the time has come to take drastic measures with respect to PREPA, as it has proved incapable of reforming itself and has been immune to several administrations’ efforts to modernize and restructure its operations.
Devising economic development opportunities for Puerto Rico and strengthening execution capabilities are the most pressing goals for policymakers in Puerto Rico and the United States. But achieving long-term, sustainable economic growth and development is a complex endeavor: there are no quick fixes or silver bullets. The task requires building realistic goals and managing execution capabilities.
The Center for a New Economy (CNE) announced today that the CNE Growth Commission for Puerto Rico will meet during the first week of April, in San Juan, to discuss the agenda it has started to outline. The Commission has the objective of identifying strategies and public policies to help restore economic growth in Puerto Rico, and is composed of 17 renowned experts from academia, the private sector, and the public sector.
During the past two months, public debate in Puerto Rico has focused mostly on the impact of specific fiscal adjustment measures proposed by the Fiscal Control Board (“FCB”) in its January 18 letter to Governor Roselló and by the Rosselló administration in its February 28 Fiscal Plan.
On July 30, 1965, President Lyndon B. Johnson signed the law that created the Medicaid and Medicare programs. The President was eloquent in his description of the objectives of the law:
“During the past several months, CNE has invested a significant amount of time in sharing our knowledge on the complexities of the fiscal and economic situation of Puerto Rico with those members and staff of the U.S. House of Representatives and Senate who have been working on the island’s fiscal crisis in Washington DC. We have stressed the urgency of addressing Puerto Rico’s fiscal situation and we have proposed well-thought and balanced alternatives to address the immediate problem of the debt overhang, transform Puerto Rico’s fiscal institutions, and spearhead a process to reactivate economic growth.”
El Centro para una Nueva Economía (“CNE”) ha analizado la situación económica y fiscal de Puerto Rico durante más de una década. Durante este periodo, hemos examinado el contexto socioeconómico y alertado sobre la rapidez con que se ha deteriorado la situación fiscal de la isla.
El Centro para una Nueva Economía (CNE) fue invitado por el Comité de Recursos Naturales de la Cámara de Representantes de EEUU a ofrecer su peritaje sobre la crisis económica y fiscal de Puerto Rico durante una sesión educativa dirigida a los miembros y el personal del Comité.