November 5th, 2015
Episode 1144 of 1444 episodes
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 can’t 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’s debt. And he examines the curious polarisation that’s developing as thousands of ordinary, working age employees head for the exit. Produced and presented by Ed Butler (Photo: Yachts in Palmas Del Mar Marina in Puerto Rico)
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