SAN JUAN — Puerto Rico’s post-hurricane plight has drawn attention to the Jones Act, the 1920 law that compels all maritime commerce between United States ports to be carried on ships built, owned and crewed by Americans. The law is adding to the island’s problems, and should be set aside for that reason alone — […]
Tag: Government Accountability Office (GAO)
GOVERNMENT ACCOUNTABILITY OFFICE: Virgin Islands’ Debt Is Higher Than Any Other American Territory
[ad name=”HTML-68″] WASHINGTON — U.S. territories, like states, borrow through financial markets. The Government Accountability Office (GAO) reviewed the territories’ fiscal year 2005-2015 public debt. Puerto Rico‘s debt grew to 66 percent of GDP and the territory is now in default. Its financial future is unclear until debt restructuring is complete. Guam‘s debt increased to […]