Congress should not lose sight of key conservative priorities as it considers whether (and how) to respond to the economic and fiscal crisis in Puerto Rico. The troubled territory has been a laboratory for progressive politics and crony capitalism for decades. Predictably, the government has smothered the private sector, and workers receive a lower share of income in Puerto Rico than in any of the 50 states.[1] Puerto Rico needs to be reformed, not rescued.
The plan reduces HTA's $6.4 billion of total claims by more than 80% and saves Puerto Rico more than $3 billion in debt service payments, the Oversight Board said.