Puerto Rico's Economic Crisis

he single most compelling issue facing Puerto Rico in this time of unfolding and incipient economic crisis are those related to its work-force. It is multifaceted, but the unitary element is the underutilization of that aspect of the island’s society. Indeed, any economic situation is comprised of a multitude of factors; this is especially true of a society that is a part of a larger nation and yet separate and distinct. For further illustration, consider that Puerto Rico is a territory of the United States, making it different than the fifty states that constitute the nation itself. It lacks the sovereignty of a classical state and thus lacks many of the protections afforded its more established brethren. These can include, but are not limited to, the ability to trade freely (a …show more content…
This lack of utility is a key reason for why the territory is facing such economic distress. Consider that Puerto Rico must follow Federal labor laws, which include a mandated minimum-wage. While this is not, on the face of it, a bad thing, what it does is put the territory’s employers in an awkward spot insofar as those that might otherwise gain employment choose not to do so. For example, a worker making minimum wage (a rate which is itself eight times higher than within the states) would stand to earn $1159 per month, but because of a variety of means-of-assistance (including subsidies for food, housing, utilities, and health-care), those unemployed stand to make an aggregated $1743 (2015). Put in this context, there is little desire for the average person to desire to work for a living, since they can do relatively (and realistically) better when not working. Putting aside the psychosocial benefits of working to earn recompense, receiving the staples of life (namely: sustenance, housing, and medical care) will outweigh morality or ethicality more often than