In the wake of Hurricane Maria, Puerto Rico has suffered unbelievable economic and human losses. However, the hurricane has shed some light into the crippled economic state Puerto Rico currently exists in as a US colony. Some experts argue that this hurricane has set Puerto Rico back decades, however I argue that because of this hurricane, Puerto Rico has the opportunity to move forward from a debilitating economic system that has contributed to significant economic losses.

To begin with, Puerto Rico has been suffering economically for several years due to an outdated economic system that has contributed to stagnant growth in wages and productivity and has only served to fuel animosity within the country. The government of Puerto Rico is subject to the whims and regulations of the US government, which has repeatedly instilled authoritarian measures in the country to try and reduce the fiscal debt achieved by the country. Puerto Rico is currently in a fiscal crisis because of the debilitating policies since colonial Puerto Rico. The outdated economic framework used to govern Puerto Rico has contributed to significant economic losses. Puerto RIco's GDP has remained stagnant for several decades and hit recession level losses long before the recession ever hit the mainland of the US. This helped to create a significant financial and debt crisis within the country that prompted the US to instill austerity measures in the country in order to reduce government spending. however, this measure to reduce government spending in the country has led to decreased wages, stagnant productivity and deflationary problems with price control in the island. Many Puerto Ricans live very poorly while only the 1 percent and wealthy business owners of Puerto Rico prosper off the suffering of the population as well as these deleterious consequences.

Hurricane Maria has showcased this fiscal crisis in illuminating the inability of Puerto Rico to handle the economic consequences of the natural disaster. The current administration has refused to wave the shipping tax policies implemented against all goods and services entering Puerto Rico even for emergency supplies. This shipping policy was implemented as a tax that the US benefitted from in that all goods and services entering Puerto Rico were taxed on by the US government. As a result, based on the events of the Hurricane, there is now a larger effort to help reform the economic framework and financial makeup of Puerto Rico. However, more must be done in Congress and through the executive in order to make any sort of real change in the small island we know and love.