RE: How bad does the mismanagement have to be for a territory smaller than Connecticut to get $72 BILLION in debt?
Puerto Rico’s GDP is $103 Billion. See here:
Their debt is $72 Billion Over $30 Billion LESS than their GDP and they can’t pay.
Now think about the USA.
The GDP of the USA is $17 Trillion.
Our Debt is $18 Trillion as of June 2015 ( and counting ). HIGHER than our GDP!
The difference is we can PRINT money.
But then, What makes people think we won’t eventually go the way of Puerto Rico whose debt is SMALLER that its GDP?
YEs, but who cares? The Supreme Court said Same Sex Marriages are legal in all 50 States including PR! That’s what’s realy important (sarc)....
Democrats tax and spend and blame Republicans.
When Republicans try to address the problem, they are accused of starving babies, hating women and beating up old people.
It’s just a matter of time, now.
Somebody should put those numbers side-by side in a bar chart. Maybe a pie chart too.
Might help serve as a wake-up call.
Not that a citizen can do much except try to brace themselves.
So much of the US Debt is FAKE. 29% is held by Federal Government "Trust Funds", which mean the Federal Government spent all SS and Medicare surplus and now Social Security is pay as you go. This is why the retirement age is increasing and SS will be taxed for the rich. Another 12% is owed by the Fed which uses it to control money supply.
Another 34% is owed by foriegn governments which need US Treasury to bolster current accounts and support local currency.