Puerto Rico: Hurricane Maria hammers an economy that can't take much more
by Patrick Gillespie @CNNMoney
September 20, 2017: 11:38 AM ET
Puerto Rico is years into an economic crisis. Now it's facing a natural disaster.
Hurricane Maria hit the island on Wednesday as a Category 4 storm, threatening lives and promising potentially devastating economic damage.
The island is already deep in a years-long debt debacle spurred by mismanaged funds, archaic energy policies and a struggling economy.
Puerto Rico's government owes $74 billion to bondholders, and an additional $50 billion in pension obligations to teachers and almost all other government employees. In May, it filed for the largest municipal bankruptcy in U.S. history.
Meanwhile, Puerto Rico faces another long-term problem: Many residents are moving from the island for the mainland United States, leaving it with few skilled workers to handle the rebuilding and development process.
The territory's population was down to 3.4 million residents last year from 3.8 million in 2004. Persistently high unemployment, along with better job opportunities in the mainland U.S., have pushed Puerto Ricans to pick up their bags and move, mainly to Florida and Texas, according to the Pew Research Center.
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http://money.cnn.com/2017/09/20/news/economy/puerto-rico-hurricane-maria/index.html?iid=hp-grid-dom
