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Puerto Rican households experience a number of financial hardships: The annual household median income in Puerto Rico was just below $22,000 in 2021. 1.4 million people in Puerto Rico are reported as living below the federal poverty line.
Rather, the disproportionately high rates of poverty in Puerto Rico are rooted in the limited ability of its economy to provide sufficient jobs to sustain its population, in the distribution of existing jobs among the working age population and how the income generated in Puerto Rico's economy is distributed throughout ...
In 2016, Congress passed the Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA), which created the Puerto Rico Financial Oversight and Management Board to restructure the Commonwealth's unsustainable burden of more than $72 billion in debt and more than $55 billion in unfunded pension liabilities.
The following pages detail the main causes of the island's financial troubles, focusing on labor force decline, the health care crisis, and debt and debt service costs.
It has also struggled under a large public debt in recent years, totaling about $70 billion?or 68 percent of gross domestic product (GDP)?in 2020. Puerto Rico's downward spiral has been compounded by natural disasters, government mismanagement and corruption, and the COVID-19 pandemic.
On January 18, 2022, Judge Laura Taylor Swain of the U.S. District Court for the District of Puerto Rico confirmed the Plan of Adjustment for the Commonwealth of Puerto Rico to restructure $33 billion of liabilities against the Commonwealth of Puerto Rico, the Public Building Authority (PBA), and the Employee ...
Puerto Rico's short-term economic performance is overshadowed by a large cloud of uncertainty, as the island's government concurrently addresses the impacts of three systemic shocks: the COVID-19 pandemic, Hurricane Maria, and the bankruptcy of the central government.