Posted on 10/03/2017 7:30:31 PM PDT by 2ndDivisionVet
In an interview with Fox News, President Donald Trump said that Puerto Rico's debt will have to wiped out.
"They owe a lot of money to your friends on Wall Street and we're going to have to wipe that out. You're going to say goodbye to that, I don't know if it's Goldman Sachs but whoever it is you can wave goodbye to that," Trump said on Tuesday in an interview with Fox News, according to a Reuters report.
Trump visited the island on Tuesday, two weeks after Maria destroyed Puerto Rico's entire infrastructure system, leaving nearly 3.5 million residents without power, and tens of thousands without clean water.
The official death toll more than doubled to 34, a spokesman for Governor Ricardo Rosello said on Tuesday, Reuters reported.
Even before the storm brought Puerto Rico to a near standstill, the government there already struggled with an economy in shambles and a default on billions of dollars of public debt.
Today, the U.S. territory has nearly $70 billion in debt, an unemployment rate 2.5 times the U.S. average, a 45 percent poverty rate, nearly insolvent pension systems and a chronically underfunded Medicaid insurance program for the poor.....
(Excerpt) Read more at cnbc.com ...
The democrats are more inclined to bail people, businesses, states out than the republicans, but Bush disproved this. In reality, there is little difference between the two parties.
I believe you will see the union and state pensions become insolvent and they will be merged, along with the IRAs, into the social security system or one very much like it.
Bankruptcy is not a bailout, its a simple recognition that it cannot be paid back (whether for a good or bad reason that caused it). It just makes creditors eat losses. There already is a pension fund that the fed government runs when pension funds go belly up. You usually end up with half or less of what you were going.
Either that or they become a state, enough of this territory crap. And some MAJOR reforms in their laws to stop the corruption and graft, then again we are talking about Washington DC and corruption in the same breath, so the pot calling the kettle black sort of thing.
It does not sound to me as if Trump intends to pay the PR debt, it sounds to me like he intends to crash the left.
It’s almost the ultimate “tough solution”, but, perhaps, better to do it now than face a worse collapse of the entire country later?
Waiting...
“Waiting...”
Oh, did not know you were waiting.
Here, savvy Trump bragging about his smart bankruptcy:
https://www.youtube.com/watch?v=SHM3ZTTmU88
Are you still waiting?
Like Trump said, you are living in a world of make believe if you equate that clip to “Trump has bragged about using bankruptcy MULTIPLE TIMES to have clean slate.”
He said nothing of the sort and you know it.
So yes I’m still waiting for and in context video of Trump bragging about using bankruptcy multiple times” to have a clean slate.
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