Posted on 04/12/2016 3:39:14 PM PDT by C19fan
Congress is expected to begin consideration of federal legislation to grant Puerto Rico extraordinary powers to escape a looming debt crisis. The island territory, home to just 3 million people, is faced with a massive $70 billion debt burden.
During negotiations of the omnibus budget deal at the end of 2015, House Republican Speaker Rep. Paul Ryan (R-WI) promised House Democrat Leader Rep. Nancy Pelosi (D-CA) that Congress would consider legislation to grant the Island with bankruptcy protection from its debts. The tentative deadline to begin action was March 31.
(Excerpt) Read more at breitbart.com ...
Call Congress and say NO!!!!!!!!!!!!!!!!
- Declare independence from the U.S.
- Partner with DR on creating a currency
- Implement a low, flat tax
Just a practice run for California and Illinois.
I knew we would be paying for it.
CA and IL can declare BK.
Another bail out?
Hell no.
Why should American tax payers pick up the tab?
Banks loaned PR knowing full well PR could not pay.
That is the banks problem, not America’s problem.
The socialists in Puerto Rico ran out of other people’s money like they always do.
The government of Puerto Rico was running a Ponzi Scheme for years.
Throw all their politicians into prison, then we can talk about money.
From the article…
“The root cause of Puerto Rico’s debt crisis is an economy overburdened with regulation and an expansive public sector. In addition to high levels of government employment, the island also boast a rich welfare system. Welfare benefits in Puerto Rico actually exceed the median family income on the island.”
The root clause of Puerto Rico’s debt crisis is socialism, aka “legal plunder”
Legal Plunder Has Many Names
Now, legal plunder can be committed in an infinite number of ways. Thus we have an infinite number of plans for organizing it: tariffs, protection, benefits, subsidies, encouragements, progressive taxation, public schools, guaranteed jobs, guaranteed profits, minimum wages, a right to relief, a right to the tools of labor, free credit, and so on, and so on. All these plans as a whole — with their common aim of legal plunder — constitute socialism.
Above all, if you wish to be strong, begin by rooting out every particle of socialism that may have crept into your legislation. This will be no light task.
http://bastiat.org/en/the_law.html
Men combined to subvert our civil government, to plunder and murder us, can have no right to protection in their persons or properties among us; they have by their attempts upon our liberty, put themselves in a state of war with us, as Mr. Locke observes, and being the agressors, if they perish, the fault is their own.
To All Nations of Men - Boston 1773 Daniel Leonard 1740-1820
Yep, I called it.
Most government employment is a welfare system. Would taxpayers voluntarily fund more than a fraction of the "services" government provides us? Imagine if it was like the private sector and you could simply choose not to buy a particular product or service. But that would make sense and necessarily cull the dead wood, and we can't have that.
It isn’t really bailing out PR, it is bailing out the idiots who over-lent to an uncreditworthy borrower. The lenders should eat the losses; nobody else....
The never ending stream of lies and BS...
There is no deterant, these criminal politicians should be hauled off to jail
“CA and IL can declare BK.”
there’s no constitutional or statutory provision for a state to declare bankruptcy, so no, a U.S. state cannot declare bankruptcy.
What should happen is they lose their statehood and become a territory again with a provisional Governor appointed by the President and approved by Congress. The Governor would have to start creating a new constitution for the state and current legislators and districts would be disbanded. Let that happen to a couple of states and see how quickly they start getting their finances in order.
Ryan is insane.
We have no money to hand out for bailouts.
All we have is IOUs that will be on the back of our kids and grandkids.
He is a total waste as a Speaker.
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