Letter to the Puerto Rico Government, US Congress, and Puerto Rico Bondholders: Let's Not Create Another Katrina Catastrophe!

In the latest op-ed piece about the Puerto Rico bond crisis, the New York Times reiterates a dichotomy between paying the bond holders and paying the police, hospitals, etc.  This is a worrisome comparison and should be removed from everyone's discussion of the Puerto Rico financial crisis.

I'm imploring everyone to rethink this comparison.  Whatever happens in the coming days and weeks, I urge everyone to prevent our on-going crisis from becoming Puerto Rico's Katrina.

Let's be honest and forthright when talking about the choices ahead.  Whether it is through bankruptcy, an external financial review board, or if it comes to it, other payment default legal proceedings, some tough decisions are coming.  However, let's all agree that there are many non-essential government services that can be defunded before we have to reduce our emergency preparedness.

I'm not suggesting that we make these budgetary changes now, I'm just putting forth my hope that we can agree that the last services to be placed under a budgetary microscope are those related to our ability to respond to an emergency, whether, it is an earthquake, a tsunami, a hurricane, or civil unrest (among many other possible threats).  But just like Katrina, we have time to prepare for the eventual changes that this crisis will bring, so let's us that time judiciously and plan for scaling back non-essential government services.

If we must make these types of tough choices, let's close the parks, close the sports facilities, the libraries, all of the municipal governments, anything but the services that help us protect and preserve the citizens of Puerto Rico.  The waters are indeed rising, please act responsibly.