As Puerto Rico’s Economy Continues to Decline, Education Funding Could Be Severely Impacted
A group of hedge funds that bought up Puerto Rican bonds commissioned a report from former IMF consultants, who found that the island could begin to resolve its financial difficulties by raising taxes, selling off public buildings, laying off teachers, and cutting back on education spending. Their report, which echoed some of the policies in the island’s report, came out in late July. Cutting funding to the island’s public university, which enrolls the largest percentage of students on the island, is not a new idea. Last spring, massive protests roiled in the streets of San Juan as students demonstrated against Governor Alejandro Garcia Padilla’s proposal to slash $166 million from the university’s budget.