Posted on 06/30/2015 12:36:02 PM PDT by Kartographer
As WLRN has reported this year, the U.S. commonwealth of Puerto Rico is staggering under $73 billion in debt. The Caribbean island’s governor is giving a speech this afternoon to announce it’s unpayable. And that could have a significant economic impact here in South Florida.
How bad is Puerto Rico’s financial crisis? Its debt load equals three-fourths of its entire economy. Governor Alejandro García Padilla has conceded that Puerto Rico can no longer make payments on a debt that massive.
Annual trade between Florida and Puerto Rico is about $2 billion. Bankruptcy attorney Charles Tatelbaum of the Fort Lauderdale law firm Tripp Scott says Puerto Rico’s collapse will hit Florida.
(Excerpt) Read more at wlrn.org ...
They ran out of other people’s money.
But used it for generations to keep the corrupt in power.
Before anyone starts gloating about PR: http://www.usdebtclock.org
Now the question, will the RINO Congress refuse to bail them out.
Money leaves a trail.
Where did the money go?
One way or another the Anglos will be paying for this.
There are things they can do like privatize services like power and water cut pensions reduce the number of employees and get Congress to restore benefits corporate tax treatment Also lot of people need to go to jail
They burnt through free US taxpayers money
$73 billion in debt is about two months for us!
The insurers, grandmas and those holding the wrong end of the Credit Default Swap.
With Greece defaulting, there could be a cascade effect that will put a brokerage or two on the bubble.
I say we just flip the Island over and start over! ;-)
So Puerto Rico and California share more than their native language of Spanish?
Why do I think I’ll end up helping pay off this debt, which was incurred buying votes for Democrats and providing benefits to useless people who hate me?
Send a bunch of Marines to one side of the island and cause it to capsize. But make sure all the Marines have on life jackets and a foreign ship to pick them up.
Puerto Rico can not print money.
——Where the money go?——
Same place all the gibsmedat money goes in the usa...
Cell phones, nice cars, jewelry, I mean bling, tats, grill work, big screen TV, drugs, liquor, lobster, choice cuts of the best steaks...
transfer payment from the productive to the parasites...
PR problem is they have no productive class large enough...
Heck a 1\3 of the country is on ss disability...paid by you...
Where did the money go?
Oh yeah, where did Quadaffi's money go after Hillary killed him?
Maybe they can elect Jeb Bush El Presidente.
Oh boy,
More Puerto Ricans.
Puerto Rico had a chance to get things straightened out a few years ago, and in fact things were improving (with an excellent GOP governor, who cut back the bennies and the massive government employment). The SEIU and its spawn managed to get him defeated, replaced him with a leftist Dem, and it’s been out of control and downhill ever since.
Most of this is simply from spending too much on government, with huge numbers of people working for a completely non-productive government, which of course is right up the SEIU’s alley.
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