Welcome to the World of Pulitzer Prize Winning Political Cartoonist Michael P. Ramirez
Bankrupt 05-09-17
Puerto Rico. Red ink is its name.
May is National Military Appreciation Month. Michael is visiting soldiers in undisclosed locations this week as part of his work with the USO, but he left us with some beautiful signed prints, limited to just 100. When these are gone, they will only be available if you can find someone who wants to sell. A perfect gift for the soldier in your life, or anyone who loves our men and women of the military. Check out all the events planned for National Military Appreciation Month HERE
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Spare a dime? Puerto Rico seeks change to help university
By DANICA COTO FOX NEWS
Published May 08, 2017
Associated Press
SAN JUAN, Puerto Rico – The budget woes at Puerto Rico's largest public university are so bad that the U.S. territory will soon ask people for spare change to support it.
Gov. Ricardo Rossello introduced a bill Monday to have commercial businesses ask if customers want to donate part of their change to the University of Puerto Rico, which faces deep cuts after the island's decade-long economic slump.
The proposal comes as a federal control board overseeing the finances of Puerto Rico's government seeks to cut $450 million from the University of Puerto Rico's budget in upcoming years as part of overall cost-slashing measures. The school's budget for the fiscal year ending June 30 was a little over $1 billion. Rossello has proposed that the cut be reduced to $241 million, but the issue has not yet been resolved. read more
By DANICA COTO FOX NEWS
Published May 08, 2017
Associated Press
SAN JUAN, Puerto Rico – The budget woes at Puerto Rico's largest public university are so bad that the U.S. territory will soon ask people for spare change to support it.
Gov. Ricardo Rossello introduced a bill Monday to have commercial businesses ask if customers want to donate part of their change to the University of Puerto Rico, which faces deep cuts after the island's decade-long economic slump.
The proposal comes as a federal control board overseeing the finances of Puerto Rico's government seeks to cut $450 million from the University of Puerto Rico's budget in upcoming years as part of overall cost-slashing measures. The school's budget for the fiscal year ending June 30 was a little over $1 billion. Rossello has proposed that the cut be reduced to $241 million, but the issue has not yet been resolved. read more
Bankruptcy does not absolve Congress of responsibility to Puerto Rico
BY EDWIN MELÉNDEZ, OPINION CONTRIBUTOR - 05/08/17 10:45 AM EDT THE HILL
396
As Puerto Rico filed last week for the largest municipal bond bankruptcy in U.S. history, many believe that all Congress needs to do is take a step back and let the process work itself out. Others are also under the false impression that merely allowing the Financial Control Board set-up under the Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA) federal law, will provide the necessary independence and structural reforms for the economy to magically bounce back after more than a decade of negative growth. Unfortunately, nothing could be farther from the truth.
The reality is that unlike other major debt restructuring cases in the U.S. and worldwide, Puerto Rico’s 10-year plus economic depression is directly correlated to congressional policies that harmed the Commonwealth’s economy. It was Congress and the ruling political party in Puerto Rico at the time that decided to phase out Section 936 of the Internal Revenue Code, a decision that provoked the loss of 75,000 manufacturing jobs over the following decade. The phase out ended in 2006 – the year the recession started in Puerto Rico. The inability to foster alternative economic strategies to mitigate the loss of federal tax incentives, and ill–advised spending decisions by the Island’s politicians, aggravated the situation. Therefore, reasonable, and responsible remedies need to be put in place to correct this damage. read more
BY EDWIN MELÉNDEZ, OPINION CONTRIBUTOR - 05/08/17 10:45 AM EDT THE HILL
396
As Puerto Rico filed last week for the largest municipal bond bankruptcy in U.S. history, many believe that all Congress needs to do is take a step back and let the process work itself out. Others are also under the false impression that merely allowing the Financial Control Board set-up under the Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA) federal law, will provide the necessary independence and structural reforms for the economy to magically bounce back after more than a decade of negative growth. Unfortunately, nothing could be farther from the truth.
The reality is that unlike other major debt restructuring cases in the U.S. and worldwide, Puerto Rico’s 10-year plus economic depression is directly correlated to congressional policies that harmed the Commonwealth’s economy. It was Congress and the ruling political party in Puerto Rico at the time that decided to phase out Section 936 of the Internal Revenue Code, a decision that provoked the loss of 75,000 manufacturing jobs over the following decade. The phase out ended in 2006 – the year the recession started in Puerto Rico. The inability to foster alternative economic strategies to mitigate the loss of federal tax incentives, and ill–advised spending decisions by the Island’s politicians, aggravated the situation. Therefore, reasonable, and responsible remedies need to be put in place to correct this damage. read more