Final answer:
Puerto Rico is a U.S. commonwealth, where citizens have some but not all rights granted to U.S. citizens in states. They can elect their own government, do not pay federal income taxes, but also cannot vote in presidential elections. The island has a mixed economy with both vibrant industrial sectors and high poverty levels.
Step-by-step explanation:
The status of Puerto Rico is that of a U.S. commonwealth. In 1898, as a result of the Spanish-American War, Puerto Rico was ceded to the United States by Spain and the island's political status has been a subject of debate ever since. While citizens of Puerto Rico were granted U.S. citizenship in 1917, the island is not an independent country and is still under the political jurisdiction of the United States. Puerto Ricans can elect their own government and do not have to pay federal income taxes, but they cannot vote in U.S. presidential elections.
Puerto Rico has its own constitution enacted in 1952 which provides for internal self-government. Despite being US citizens, Puerto Ricans' citizenship is unique in that they do not enjoy all the same rights as citizens in the 50 states due to the Insular Cases. This includes the inability to vote for the President and the lack of voting representation in Congress. The future political status of Puerto Rico is uncertain, as there are factions that support statehood, independence, or maintaining the commonwealth status.
The economic conditions in Puerto Rico are varied, with a dynamic economy that has a significant industrial sector. Nonetheless, a large portion of the population lives below the poverty line. The commonwealth status grants Puerto Ricans certain benefits, such as duty-free access to U.S. markets and tax incentives that attract U.S. firms. However, the island faces challenges such as sustainable funding for local initiatives and competition with larger economic entities.