Puerto Rico is a laggard in terms of infrastructure and can’t afford to make needed fixes, according to Harry Dent, an economist who has a home on the island and is known for his bold calls.
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“The infrastructure here is not ideal,” he told FOX Business’ Stuart Varney during an interview on “Varney & Co.” on Thursday. “They have more potholes than Baltimore.”
The author of books including “The Great Depression Ahead” said the island can’t afford to fix its utilities and roads.
“They have an aging power system that’s underfunded, and the municipal bonds have defaulted on the electric power system – so they are in trouble,” Dent said.
On Wednesday, an islandwide blackout knocked out power to all of its residents about seven months after Hurricane Maria. That storm ripped through the U.S. territory, destroying its electrical grid and leaving its residents powerless for months.
Dent added that energy was a challenge even before Maria.
“About seven months after I moved here, they had a power outage that took six to seven weeks to repair,” he said.