Ring the Alarm Bells Over Puerto Rico, published Aug. 13, mischaracterizes the island and the positive initiatives enacted by the García Padilla administration.
Puerto Rico is currently going through a period of fiscal and economic rebuilding. Since Governor Alejandro García Padilla took office in January 2013, we have taken swift, decisive and unprecedented measures to stabilize our fiscal situation and promote economic growth.
By enacting several new measures, we have successfully increased our Treasury’s revenue collections. In addition, we are delivering on Puerto Rico’s long-standing promise of reducing and ultimately eliminating its reliance on deficit financing. We have cut government spending and will continue to do so. Our fiscal strategy is focused on matching our recurring expenses with recurring revenues, successfully passing the first balanced budget in more than two decades.
Our administration is transforming our public corporations from a long history of Commonwealth subsidies to self-sustained enterprises. We are also strengthening the liquidity of our Government Development Bank, and have enacted the most comprehensive, meaningful and sweeping pension reform in Puerto Rico’s history.
These and other initiatives have driven the creation of over 50,000 jobs since taking office, attracting global businesses like Lufthansa, Seaborne Airlines, Infosys, and others to Puerto Rico.
There’s more work to be done, and we will continue to execute on our comprehensive plan to drive economic growth and fiscal stability that has already shown signs of progress.
Juan E. Hernández is the director of the Puerto Rico Federal Affairs Administration.
Vice President Joe Biden waits to conduct a mock swearing-in ceremony with Sen. Brian Schatz, D-Hawaii, in the Capitol's Old Senate Chamber, December 2, 2014. Schatz was sworn in to serve the remainder of his term since he was appointed to the seat after Sen. Daniel Inouye, D-Hawaii, passed away.