On this AEI Events Podcast, Jose Carrion of the Financial Oversight and Management Board for Puerto Rico spoke at AEI about Puerto Rico’s challenges after Hurricane Maria and the actions that the board has undertaken to lead the recovery efforts in Puerto Rico. Mr. Carrion underscored that the board remains hopeful for Puerto Rico’s future despite the devastation from Hurricane Maria.
Following Mr. Carrion, Anne Krueger of the Paul H. Nitze School of Advanced International Studies discussed several recommendations to improve Puerto Rico’s economy, including introducing an apprentice wage and other measures to increase the labor force participation rate. She also advocated against abolishing the Jones Act, which increases the island’s shipping and energy costs. Cumberland Advisors’ John Mousseau pointed out the extent of losses in Puerto Rico and highlighted the need for a Marshall Plan–like program for improving Puerto Rico’s economy. Following Mr. Mousseau, AEI’s Andrew Biggs highlighted the problems with Puerto Rico’s educational and pension systems, which perpetuate Puerto Rico’s economic problems. Lastly, AEI’s Desmond Lachman discussed the humanitarian crisis on the island and stressed the importance of an International Monetary Fund–style plan, in which Puerto Rico would receive substantial support from Congress contingent upon substantial reforms.More