So according to this rag (sadly, the Economist is becoming a left wing rag), the problem was the tax cuts that lead to growth beause the downfall of the economy happened when Clinton got them to get rid of the tax cuts?
Huh?!
Leftism is a mental disorder.
No, it’s quite clear and in this case the Economist is perfectly correct.
The Feds made PR a federal tax shelter, giving the PR govt a large revenue stream from companies relocating from the mainland, so the PRs took advantage of the increased local tax revenues and increased public spending. The Feds took away the tax shelter and the extra revenues went away, but the PR govt kept on spending, borrowing lots of money to keep it up. Now they’ve just run out of credit.