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Thread: Puerto Rico $70 billion in debt

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    Default Puerto Rico $70 billion in debt

    how did this happen? We are going to have to suck it up and rebuild the power grid/ etc
    but man how did they get into such a crappy economy?

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    Quote Originally Posted by anatta View Post
    how did this happen? We are going to have to suck it up and rebuild the power grid/ etc
    but man how did they get into such a crappy economy?
    Libya and Hillary

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    Quote Originally Posted by Covfefe View Post
    Libya and Hillary
    I genuinely laughed out loud. Not the usual internet LOL, but a real LOL.

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    Quote Originally Posted by Thing1 View Post
    I genuinely laughed out loud. Not the usual internet LOL, but a real LOL.
    We need to do that occassionally! It's Friday!

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    We should take the $$$ that was going to Florida and Texas and send it to Puerto Rico.
    "Anarchism does not mean bloodshed; it does not mean robbery, arson, etc. These monstrosities are, on the contrary, the characteristic features of capitalism. Anarchism, or Socialism, means the re-organization of society upon scientific principles and the abolition of causes which produce vice and crime."
    August Spies

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    Quote Originally Posted by Covfefe View Post
    Libya and Hillary
    OMGGGGGGGGGGGGGGG

    You win the internet today!

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    Quote Originally Posted by anatta View Post
    how did this happen? We are going to have to suck it up and rebuild the power grid/ etc
    but man how did they get into such a crappy economy?
    Spending more than they take in for tax revenues and because of of U.S. Congress. They do not have to have a balanced budget because they are not a state. Congress made all sorts of F'd up tax loophole laws for investors in P.R.

    It is a mess down here. They are going to need help rebuilding.

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    Socialism has predictable results.
    "Those who vote decide nothing. Those who count the vote decide everything." Joseph Stalin
    The USA has lost WWIV to China with no other weapons but China Virus and some cash to buy democrats.

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    The Puerto Rican government-debt crisis is a financial crisis affecting the government of Puerto Rico.

    After decades of mismanagement by DEMOCRATS, the government accrued more than $70 billion in outstanding debt and an additional $50 billion in pension obligations.

    These debts increased the government's debt-to-GDP ratio to 68%, which forced it to drastically increase taxes, . Projections are bleak since the Puerto Rican economy is precarious and fragile.

    In June 2016, President Barack Obama signed PROMESA into law, which appointed an oversight board with ultimate control over the commonwealth's budget and debt restructuring. The board extended a moratorium on debt collection lawsuits by creditors until May 1, 2017.

    Creditors sued as soon as the stay expired, and on May 3, 2017, the Commonwealth sought the quasi-bankruptcy protections provided by the aforementioned law.

    https://en.wikipedia.org/wiki/Puerto_Rican_government-debt_crisis

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    What socialism? Their problems have nothing at all to do with socialism.

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    Quote Originally Posted by floriduhfan View Post
    What socialism? Their problems have nothing at all to do with socialism.
    They don't, my disgusting dung dumpling? Explain yourself.

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    Quote Originally Posted by Sailor View Post
    Spending more than they take in for tax revenues and because of of U.S. Congress. They do not have to have a balanced budget because they are not a state. Congress made all sorts of F'd up tax loophole laws for investors in P.R.

    It is a mess down here. They are going to need help rebuilding.
    balanced budgets are for fiscal realists.
    Do you think this is what the USA will face? so far in debt they can never re-structure effectively?

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    Spending more than necessary causes budget shortfalls, that aint socialism!

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    Quote Originally Posted by floridafan View Post
    Spending more than necessary causes budget shortfalls, that aint socialism!
    it's the American way

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    Maybe so, but again what do they have to do with socialism?

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