Puerto Rico still faces a long road to recovery after Gov. Ricardo Rossello resigns.
Puerto Rican celebrities including Residente, Bad Bunny and Ricky Martin join demonstrators during a protest calling for the resignation of Governor Ricardo Rossello in San Juan, Puerto Rico July 22, 2019.Puerto Rico's next governor, who will fill the vacancy left by the resignation of Ricardo Rosello, faces an uphill fight to restore the island's battered economy and reverse an ongoing diaspora.
Puerto Rico's next governor, who will fill the vacancy left by the resignation of Ricardo Rossello, faces an uphill fight to restore the island's battered economy and reverse an ongoing diaspora. Many of those challenges stem from a single underlying issue: Puerto Rico is suffering from a prolonged bout of out-migration, affecting its ability to respond to its financial and economic crises effectively.
That economic decline has deep roots, including the expiration of a tax credit in 2006 that allowed American companies to avoid corporate income taxes in U.S. territories. That led to an exodus from the business world, depriving much of the island of the money it relied on to fund itself. The American economy has enjoyed the longest recovery in its history, according to statistics from the St. Louis Fed.
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