September 9, 2015
“The Fiscal Adjustment Plan offered by Governor Alejandro Garcia Padilla is a predictably transparent effort to lobby for Chapter 9 bankruptcy. The plan may be politically expedient, but it will not fix the financial problems that Puerto Rico needs to address.
The plan pays lip service to modest fiscal reforms in Puerto Rico, but most of what is outlined is unlikely to be enacted or implemented. Today’s announcement is also a reminder that that Puerto Rico has yet to make progress on truly meaningful reforms. Puerto Rico’s Constitution requires a balanced budget yet that has not occurred for five of the past six years. Internal reforms should be the number one priority to help struggling Puerto Rican families.
Governor Garcia Padilla’s actions are delaying much need economic growth and investment, at the expense of the residents of the Island for generations to come.”