Opposition MP anticipates Puerto Rico bigger economic collapse
This determination, according to the Popular Democratic Party (PPD) parliamentarian, will cause more economic contraction by preventing Puerto Rico from recovering from the crisis that already entered its eleventh year, as there will be a decrease in the current money from $500 million to $800 million per year.
"A program of reduction of the day for more than 100,000 public employees would be devastating for an economy that is in a downswing," he pointed out.
Ortiz said that although the Puerto Rican leader Ricardo Rosselló Nevares, from the annexationist New Progressive Party (PNP), was against the initiative the JFS will boost, his administration has implemented similar policies.
In that sense the PPD deputy stressed 'the callous layoff of transitory employees, where thousands of parents remain without means of support more than 100 million dollars weer annually lost in salaries.'
Faced with further cuts, Ortiz recalled the warnings about the draconian measures of the budget the governor Rosselló Nevares made a few months ago the Economy Nobel Prize Joseph Stiglitz, for considering them the most severe that he had seen in his career and that would lead Puerto Rico to deepen the recession.
"The Fiscal Supervision Board had anticipated that the implementation of the government's budget would lead to an economic collapse and the government itself estimated a 4.2 percent drop in the economy in the current fiscal year, a scenario that represents the loss of thousands of jobs in private enterprise and greater challenges to meet the government's economic goals," said Ortiz. ■