Thursday, August 31, 2017

Hard Times Continue In Puerto Rico

Members of labor unions march past the capitol building during a protest in San Juan September 11, 2015. Alvin Baez, Reuters

Reuters: Government labor strife is latest test for fractured Puerto Rico

NEW YORK, Aug 30(Reuters) - Puerto Rico’s already frail economy faces a fresh test this week, as the bankrupt U.S. territory’s financial overseers try to force a defiant governor to furlough public workers, the single biggest block of employees on the island.

An escalating power struggle between the democratically elected Governor Ricardo Rossello and the federally appointed oversight panel culminated on Monday when the board sued Rossello, saying he had no authority to reject pension cuts and furloughs ordered by the board. The measures are set to begin Sept 1.

A competing lawsuit from the American Federation of State, County and Municipal Employees (AFSCME), which represents 12,000 Puerto Rican workers, argues the exact opposite - that the measures violate the U.S. Constitution, and should be halted.

At least six unions are staging protests on Wednesday to oppose the austerity, featuring a midday march to the board’s San Juan offices.

Read more ....

Update: Hundreds of Puerto Ricans protest, decry austerity measures (AP).

WNU Editor: It is hard to feel sorry for an island that has consistently voted in politicians who pursued a policy of government growth/spending/and piling more debt to satisfy what their core supporters wanted ... which was better wages/pensions/etc.. I have been following Puerto Rico for years .... the warnings on this disaster were voiced by many 20 years ago .... but they were always voted out and/or ignored. People forget that when it comes to borrowing money and piling up obligations, there will come a day when it this no longer becomes feasible, and for Puerto Rico that day came a few years ago. How long will this suffering last .... that's easy to answer .... one has to only look at Greece and see that after years of debt restructuring and suffering .... they are still no better off today than they were 5 years ago.

1 comment:

Anonymous said...

Puerto Pobre. No one saw that coming. Maybe Apple can set up a factory there. Cheaper labor than China. Less skilled workers. Lower pay. Everyone wins!