Killing the golden goose for STEM

Abstract

In 2016, the US Congress enacted the Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA), which led to a federally appointed Financial Oversight and Management Board (FOMB) to oversee restructuring of the island's $74 billion debt and achieve sustainable budgets. Many economists argue that even debt adjustment, which was approved in January, will not be enough to put Puerto Rico on a road to recovery. Unprecedented budget cuts by FOMB have already reduced funding from Puerto Rico's state government for the University of Puerto Rico (UPR). UPR is the island's premier institute of higher learning in science, technology, engineering, and mathematics (STEM). State funding for UPR must be restored if Puerto Rico is to stably recover from years of economic despair.