Austerity Versus Green Growth for Puerto Rico
Well before Hurricane Maria wrought devastation on Puerto Rico, the island’s economy was in crisis. Puerto Rico’s economic output had already fallen sharply from its 2005 level. Even after what is hoped to be a successful recovery from the hurricane’s damage—no small task—proposals to reform the Puerto Rican economy being discussed by the government would make matters worse. The authors discuss how Puerto Rico descended into its prehurricane distress and offer a bold set of counterproposals based on green investments, a carbon tax, and debt forgiveness by Puerto Rico’s creditors.