The long and short of it is that Puerto Rico was having a government debt crisis back in 2016, leading to high unemployment, and PROMESA was passed in response to it. There’s a whole bunch of things about it that make it terrible, but broken down into broad categories:
a) The board in charge of it was composed entirely of non Puerto Ricans, and citizens of Puerto Rico have no control over who ends up on that board.
b) Said board was actually made more politically powerful than Puerto Rico’s own local representatives, able to effectively overrule any Puerto Rican official, elected or otherwise, on any matter.
c) PROMESA led to massive cuts in healthcare, pensions, and education, leading to the closure of hospitals and schools.
d) It’s massively eroded worker rights by limiting their sick and vacation day, cutting down on the amount of overtime pay they’re entitled to, and cutting holiday bonuses, making the people of Puerto Rico poorer.
e) Puerto Rico’s debt crisis was actually the US’ fault in the first place, the result of a century of being an annexed territory that the US aggressively taxes but fails to provide representation for.
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