Puerto Rico $70 billion in debt

[Русский агент]

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

https://en.wikipedia.org/wiki/Alejandro_García_Padilla

https://en.wikipedia.org/wiki/List_of_governors_of_Puerto_Rico


Party: Popular Democratic Party

Ideology: Social liberalism

[Русский агент]

How years of DEMOCRAT misrule failed the people of Puerto Rico:


The island has more than $72 billion of debt — nearly 100 percent of its total annual economic output — and an estimated $30 billion shortfall in its state pension fund. Two government agencies have already defaulted on debts, and a $2 billion payment was due on July 1, 2016. (It was defaulted).

Unemployment is over 12 percent and would be twice as high if so many Puerto Ricans hadn't taken advantage of their U.S. citizenship and moved to the mainland to find work.

The poverty rate is 45 percent, compared with 15 percent stateside.

Half of P.R. residents are on Medicaid.

"We have no cash left," Gov. Alejandro Padilla said in a December appeal for help to the U.S. Senate. "This is a distress call from 3.5 million Americans who have been lost at sea."

It's not just Puerto Ricans at risk of suffering: Two-thirds of U.S. pension and retirement funds hold Puerto Rico government and municipal bonds, and could lose billions of dollars if the island can't service its debts.




http://theweek.com/articles/614667/puerto-rico-crisis-explained

[cancel2 2022]

I genuinely laughed out loud. Not the usual internet LOL, but a real LOL.

You're easily pleased!

[Русский агент]

You're easily pleased!

He's a scared little man whose world collapsed when Trump was elected. I doubt he's laughed since last 9th November.

[Cancel 2020.1]

You're easily pleased!

Oh, that comment by Rana was perfect - totally summed up anatta's m.o.

You're the one who usually laughs at the "slip on a banana peel" stuff.

[Hesher]

https://www.policygenius.com/blog/pu...o-tax-savings/

[Русский агент]

https://www.policygenius.com/blog/pu...o-tax-savings/

The tax holiday excuse won't wash if that's what you're implying, unless you can show that the residency requirement is not enforced.

As I have shown, a huge number of Puerto Ricans are mired in poverty. I doubt they can afford to jet back and forth to gain a tax break.


Puerto Ricans with means and education are fleeing for the mainland. The island has lost some 440,000 people in the past decade, with about 1,200 decamping every week.

With growing debt and a shrinking number of taxpayers, the island appears trapped in an economic death spiral. Those who stay face ever-higher bills: The sales tax rose 7 to 11.5 percent in 2016 — the highest in the country — and water and electricity rates have spiked. The foreclosure rate is soaring. People are literally leaving their homes empty with the keys in the house.

[Русский агент]

For decades, Puerto Rico issued bonds to cover budget shortfalls, and investors snapped them up because the bonds are exempt from federal, state, and local taxes in all 50 states.

Then, in 1996 the territory hit an economic crossroads.

Congress ended hefty tax breaks for U.S. manufacturers operating in Puerto Rico, and American firms began shuttering their operations on the island, causing the economy to slump.

Instead of restructuring its economy, Puerto Rico doubled its debt over the next 10 years, and Wall Street firms made nearly $1 billion off the fees.

Those bond sales let the territory's bloated government — which employs a quarter of the workforce — meet its budgets without laying people off. But the economy remained stagnant, and the government was soon overwhelmed by its vast debt obligations.

It's worth noting that this happened under DEMOCRATS.


http://theweek.com/articles/614667/puerto-rico-crisis-explained

[Hesher]

It's going to be difficult to tell the difference between Kansas and Puerto Rico economically speaking.

[MAGA MAN]

Trump should sell that US territory.

[Sailor]

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?

Eventually if the U.S. keeps borrowing. There is no way around it.

[MAGA MAN]

Eventually if the U.S. keeps borrowing. There is no way around it.

The US has assets to sell: western land.

[Русский агент]

It's going to be difficult to tell the difference between Kansas and Puerto Rico economically speaking.

How so? I'll understand if you can't explain.

[MAGA MAN]

Trump should buy it and make it a Trump resort.

Why would he want it? It's populated with people who proved that they can't turn a profit. Nah, sell it some rich socialist.

[Sailor]

The US has assets to sell: western land.

Would you believe that is just one of the reasons we get the credit worldwide that we do? Our government has put all of our properties, your property, our national assets and all of our future earnings as collateral.