Criticism PROMESA

critics indicate law continues treat island anomaly, neither state nor municipality, fails provide way statehood or independence, , not deal underlying economic problems such high unemployment, lack of opportunities, welfare issues, , brain drain. oversight board have broad sovereign powers overrule decisions puerto rico s legislature, governor, , other public authorities, under federal government s constitutional power make needful rules , regulations regarding u.s. territories. reason, board has been criticized colonial , anti-democratic in nature. according nelson denis, political , economic activities of united states in puerto rico have created structural dependency, economic stagnation, , growing debt problem led creation of fiscal plan.

many critics bring fact meetings not conducted discuss legitimacy of lending-scheme debt, instead use capitalist economic frameworks return puerto rico state of economic growth.

various unions, environmental organizations, , new political parties (e.g. working people’s party of puerto rico) speaking in opposition promesa control board , it’s obvious devastating impacts on socio-economic , political infrastructure of puerto rico, being met usual militant repression. whether peacefully strike, gather in front of corporate media outlets oppose propaganda-ridden journalism on promesa, or disruptively create blockade in front of entrance first promesa board meeting, protesters being met pepper spray, arrests , blatant militarism. militant treatment of social activists in puerto rico oppose u.s. colonialism has been occurring moment colony established, , has taken on new sophisticated forms on ages.

in 2017, after federal oversight board presented plan, joseph e. stiglitz , martin guzman indicated promesa bringing more problems solutions , appointed board lacks understanding of basic economics , democratic accountability . board s plan predicts 16.2% decline in gnp next fiscal year further decline follow , prioritizes payment creditors, social (and) economic catastrophe guarantee(d) . stieglitz , guzman proposed instead steps enhance economic growth , not repayments should @ center of viable plan solve crisis.

because of united states’ grip on political economy of puerto rico , subsequent enforcement of neoliberal economic frameworks, many critics argue promesa uses instability of puerto rico’s economy means of gaining more control of socio-economic , political autonomy of local government in puerto rico.

in 2017, barry sheppard wrote in green left weekly 2014 when island’s debt financial lenders hit us$73 billion, vulture capitalists bought debt cheaply, demanded paid in full , law created un-elected seven-person financial board sweeping powers on island’s economy reaffirmed supreme court sonia sotomayor dissenting.