[PDF] DOWNLOAD READ Why Puerto Rico Now A masterplan for resurgence resiliency and long-term econom

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2. Description In every crisis, there is an opportunity. Today, we find ourselves recovering from a worldwide pandemic. Supply line challenges and inflation caused by COVID 19 has made the production, distribution, and storage of critical supplies and pharmaceuticals a top national priority. Puerto Rico, with over 70 years of critical manufacturing experience, is in an ideal position to lead the fight against COVID 19 with the United States.But before that can be done, Puerto Rico will need to pull itself out from its current economic problems. Economic reconstruction is not easy, and, in the case of Puerto Rico, it calls for abandoning old approaches and cultural biases that have persisted since 1898. If Puerto Rico truly wants to gain long-term economic independence, it will need to adopt new ways of looking at the world and its business culture. In particular, Puerto Rico must evaluate what has not worked and why it has created specific roadblocks, especially in accepting new technologies that bring transparency. John Maynard Keynes wrote: "The difficulty lies not so much in developing new ideas as in escaping from old ones."Since the early 1900s, U.S. Congress has employed a two-pronged approach to the island's economic growth: encourage Puerto Rico to borrow heavily to perform critical government functions and create lucrative tax incentives to motivate companies to move to the island. Triple tax-exempt bonds were first introduced in 1917. The bonds were used to finance the island's economy. Companies were also provided lucrative tax incentives to industrialize Puerto Rico. For a long while, it worked. Puerto Rico prospered for thirty years and became the world's pharmaceutical production hub.Globalism and the end of the cold war revealed cracks in Puerto Rico's economic policy. U.S. companies were going farther across the planet, searching for even cheaper labor and raw materials. Notwithstanding new lucrative tax incentives like Section 936, Puerto Rico could not overcome its structural economic deficits; high unemployment, a large informal economy, and people emigrating to the U.S. mainland.When the tax incentives eventually expired (as they always will), Puerto Rico went into 74 billion dollars of debt with an additional $49 billion dollars in unpaid pensions. Adding real injury to insult, two category five hurricanes and multiple deadly earthquakes slammed Puerto Rico, causing more than 100 billion dollars of damage and the loss of over 4,700 lives. Then, to make matters worse, came the Covid 19 pandemic.In the midst of all these challenges, there are silver linings. Today, Puerto Rico is about to receive the largest allocation of Federal relief funds in U.S. History. In what is being called Operation Bootstrap 2.0., Puerto Rico will receive over 80 billion dollars to construct homes, critical infrastructure, renewable energy, and other vital projects. In addition to relief funds, Puerto Rico and the Internal Revenue Service have created a series of tax incentives to bring in new businesses and people to the island. Act 20/22 (now Act 60) had the unintended consequence of attracting a new breed of entrepreneurs – blockchain and crypto investors. Suddenly, Puerto Rico finds itself leading a technological revolution with thousands of people bringing new ideas, connections, and capital to the island. In "Why Puerto Rico Now" you will find the historical background to learn from the past, but more importantly new ideas for change. While we can never tell which idea(s) become the foundation for long term economic growth, Puerto Rico is moving forward, and the time is unquestionably NOW.

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