With a calculator on hand, the Luis Muñoz Marín Foundation is hosting a seminar entitled “You and your budget,” to teach participants the skills they need to design a budget, make adjustments and plan financial decisions.
The approved plan to increase the United State’s debt ceiling will not solve the country’s fiscal problem, and could actually worsen it by reducing economic activity on the short- and mid-term, Sergio Marxuach, policy director for the Center for the New Economy said Tuesday.
Although the government has managed to successfully contain public spending since 2008, the island’s indebtedness rate has soared at a faster pace than its Gross National Product during the last three years, currently reaching a 50-year high.
Labor Secretary Miguel Romero submitted a $116.5 million budget for fiscal 2012 to the House Treasury Committee Friday, saying it will be enough for the agency to operate and run a number of programs that pursue job creation in a market where the workforce barely reaches 42 percent.
Gov. Luis Fortuño announced Tuesday his administration’s proposed $9.26 billion budget for fiscal 2012, which is $110 million higher than the one currently being spent that expires June 30.
The $3.73 billion budget submitted Monday by the Obama administration for fiscal 2012, which begins in October, will have a yet unquantifiable impact on the island that will likely mean less money for communities and students.
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