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Puerto Rico: The Have Nots and the Have Yachts

Puerto Rico鈥檚 gone broke, and people are leaving in their thousands. Meanwhile a handful of super-rich Americans are being offered tax breaks to come in. What鈥檚 going on?

The US Commonwealth of Puerto Rico could be slipping into an economic 'death spiral', according to its Governor. Ten years of recession have led to deep cuts in services and more are on the way, as the government accepts it cannot pay its massive debts. Unemployment and poverty are spiralling, and younger citizens on this Caribbean island of 3.5 million are leaving in their droves, seeking jobs in New York or Miami. We meet some of them literally as they head to the airport, and meet some of the super-rich Americans coming the other way. Randy and Laura are two new arrivals, taking advantages of newly introduced tax breaks for those earning more than $200,000. Ed Butler looks at the contrasting life-styles of these two worlds, hears from property developers cashing in, and one man who may have lost all his savings investing in the island鈥檚 debt. And he examines the curious polarisation that鈥檚 developing as thousands of ordinary, working age employees head for the exit.

(Photo: Yachts in Palmas Del Mar Marina in Puerto Rico)

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23 minutes

Last on

Mon 9 Nov 2015 06:06GMT

Broadcasts

  • Thu 5 Nov 2015 00:32GMT
  • Thu 5 Nov 2015 03:32GMT
  • Thu 5 Nov 2015 05:32GMT
  • Thu 5 Nov 2015 07:32GMT
  • Thu 5 Nov 2015 18:32GMT
  • Thu 5 Nov 2015 19:32GMT
  • Mon 9 Nov 2015 02:06GMT
  • Mon 9 Nov 2015 06:06GMT

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