It is time to revitalize the system that made America the world’s economic colossus, won the Cold War, and moved billions out of poverty world-wide, including hundreds of millions in China. No nation will ever be as productive as the U.S. while the American economy is powered by limited government, economic freedom, and free markets.
The plan of adjustment and Puerto Rico’s exit from bankruptcy is a welcomed development. However, without structural reforms and changes to the political culture towards confidence in free individuals, the Commonwealth will probably become insolvent within a decade. In light of this experience, policymakers in Capitol Hill should begin preparation for another PROMESA.