Replies

I understand what you’re saying, but if it’s OK for PR to get away with such debt, why don’t we let everyone who lives way past their means just get a free pass?

It is called bankruptcy.

The USSR went through in in our recent lifetime.

“why don’t we let everyone who lives way past their means just get a free pass?”

If we had honest accounting of debt, it would be easier to justify strict enforcement of repayment terms - but we don’t.

Fiat money, Federal Reserve shenanigans, bank bailouts, government subsidies, taxation, regulation and redistribution have distorted the accounting ledgers beyond recognition.

The federal government has run up 20 trillion of explicit debt. Who knows how many hundreds of trillions in yet to be monetized debt or implied debt from future entitlement obligations?

All government debt eventually falls on the taxpayer to settle in one form or another, since government has no other source of real wealth.

So, who really owes what to whom? I owe $125k on my house, and in the days of a sound gold backed dollar, I would have said I owe that fair and square. I borrowed it. I signed the papers.

As it is, I believe I’ve been ripped off by a corrupt or at least incompetent government, complicit with Wall Street, causing booms and busts in real estate and economic crashes - who knows what my financial situation would have been without government/Wall Street malpractice?

So soon after the big banks got bailed out by the taxpayer, I have a real hard time worrying about Wall Street getting paid back by anyone, much less poor PR.

Wall Street and its Government protectors are the only players who ever come out unscathed.

I’m sure Trump’s point wasn’t to criticize PR for being in debt or expedite repayment. He was just trying to be empathetic, pointing out the severity of the numerous problems they are facing.

Now, Trump’s critics will twist it around to make it seem like Trump is piling on.