« WHEN BUYING A BUSINESS IN PUERTO RICO PAY ATTENTION TO SENIORITY ISSUES | Main | RETAIL OPERATIONS MUST FOLLOW PUERTO RICO'S CLOSING LAW »

04/23/2007

AFTER 100 YEARS PUERTO RICO'S ECONOMIC AND POLITICAL FUTURE REMAINS UNCERTAIN

On the verge of gaining important political clout with Spain after 400 years of colonial rule- Puerto Rico's emerging sovereignty was shut down by the U.S. when it snatched the Island from Spain as part of the spoils of the Spanish-American War.   Over a century later,  the quest to obtain more  autonomy from the colonial status  is equally shared by a  drive toward permanent union with the U.S. This polarization  has the Island running on empty. Until we get over the status issue, the Puerto Ricans will continue to take sides even if it means running the economy to the ground. That is what almost happened less than a year ago when  the government closed for weeks.

With no new economic strategy, the Island is stagnant and slipping further into poverty. We have 8% annual inflation and can only get  42 % of our able- bodied citizens to participate in the work force. A million of our citizens receive food assistance from the government.  We remain afloat partly because  the U.S. is continually pumping  our  ever deflating economy.  Obviously this creates enormous distortions; like having the biggest U.S. retailers making their biggest sales in the poorest 'state' of the union.   

A panel of economists were quoted today in El Nuevo Día newspaper as stating that there is a crisis of leadership; that besides being economically disadvantaged, we are becoming intellectually poor and unable to create a new model or build a consensus on interests and objectives.

The lack of intellectual activity is most likely the symptom of an ailment we all like to talk about but avoid acting upon.  Typically in life when we hesitate to address a pressing concern, we create other issues or turn our attention to  less important matters.  Perhaps that is why the Island has become obsessively focused (or the media has us  thinking  that) with entertainment, fashion and music.

Every day, our media takes up a disproportionate amount of bandwidth to deal with rappers, beauty queens, actors, boxers, skin models; many of which even make our daily front page. Entertainment is fine but we have many unresolved issues that we need to deal with and they should not take a backseat to show-business. 

The status- like it or not- is a back-breaking concern.  We need to address this point of order before we can achieve economic and social consensus.  Our intellectual and creative capacity  is in reaction; tired of the impasse but relentlessly defending its political turf.  Imagine if the U.S. main political debate was still  whether to remain  a colony of England or whether to accept the Confederate States as a new country. Where would the U.S. be now?

The issue of  sovereignty versus union goes at the heart of what it means to be Puerto Rican and it is something that will be eventually  addressed- whether we like it or not. Let hope that this time- unlike a century ago- it is Puerto Rico that decides.


Your email address:


Powered by FeedBlitz

About The Author

GoLinks

Info

PR info

Disclaimer

  • E MAILS
    Any e-mail sent to the e-mail address set forth in this Blog will not be treated as confidential and will not create an attorney-client relationship.
  • CONTENTS OF THE BLOG
    The information contained in this blog is published as a public service. It should not be viewed as legal advice and is not a substitute for legal counsel. You should not act on information contained herein without further, specific, legal consultation.