In this video, I talk with author and economic analyst John Sneisen about the massive food shortage people are facing in Puerto Rico as the island struggles to get their electric grid back up and running.
The government monopolized, outdate electric grid has shown the government to be just what the government is best at being, inefficient. Due to this inefficiency, people in Puerto Rico are only buying small amounts of food (enough to last them a day) as perishables go bad quickly.
If the free market were to step in, the grid would likely be up and running by now, but instead the debt plagued island is taking forever to reboot the system. In fact the executive director of Puerto Rico’s public electric utility stepped down Friday as Whitefish energy has ceased their work restoring electricity on the island after spending $83 million which they have not yet been paid back for.
Whitefish CEO Andy Techmanski told CNN that repeated requests for agreed payments were not met and there was no choice but to suspend work.
Puerto Ricans were already leaving the island in huge numbers as the island faced a massive debt crisis which has led to bankruptcy.
Government dependence always leads to tragedies like this. Following Hurricane Maria which devastated the island, people generally weren't prepared. This is why we push for free markets rather than state run enterprise as with the state, there's no real incentive for quality, competition or innovation.
It's always best to be over-prepared than under-prepared and we truly hope that the people of Puerto Rico who we send our prayers to have come to understand this. Puerto Rico has a long history of strength and working through natural disasters by working together and prevailing together. This time, the government and its regulations have left the island in desperation and this needs to serve as a difficult but well understood lesson going forward.
Individuals thrive. Government decimates and forces people into servitude. Choose freedom.