Time is approaching when the Commonwealth of Puerto Rico will default on $73 billion in bonds.
The House has been working on what they call the PROMESA bill that would put the Island under a financial control board and cancel about half of its debt.
If PROMIESA isn’t passed and Puerto Rico instead files for bankruptcy, it could lead to massive disruption among their citizens as government payroll and welfare benefits go unpaid.
Some will say, “great, let them go bankrupt and let the chips fall where they may.”
However, we can’t expect all 3.7 million residents of the island to just stay put and be forced into poverty.
Fears are that nearly 1 million Puerto Ricans will migrate to our shores seeking employment if this crisis isn’t averted before a general obligation payment is due May 1st, or when a full default on the bonds comes July 1st.
“… cancel about half of its debt …”
What, exactly, does that mean?
The bondholders just throw up their hands and say “well, we got fucked on that one!”?
I have a sneaking suspicion that the taxpayers (We, the People) are gonna take it up the ass …
izlamo delenda est …
Progress Island USA !!
Cut them loose-why are we on the GD hook for their malfeasance? Why are they even a territory? If a PR makes only income on PR, they’re not obligated to file a 1040 and they want us to bail their asses out?
Sheesh, I could see it if we were rolling in dough, MAYBE, but WTF? We’re $20 Trillion in debt-.40 out of every dollar we “spend” is make believe money. We’ve got ~$200 Trillion in unfunded liabilities.
And stopping them from coming here would be easy. That’s the last fucking thing we need, another million people here on the dole because that’s sure as fuck what would happen.
That’s less than $20,000 apiece.
Fuck em!
They took the money, let them pay it back!
And, if memory serves, those were “tax-free” bonds – but those of us who pay taxes are on the hook?
BULLSHIT! FUCK THAT NOISE!
izlamo delenda est …
We (the taxpayers) are double-fucked. They got “tax-free” investments (which means we made up for that shortfall) and now they’re gonna get a bailout, which means we get to pay em off!
Somebody tell me, again, how this is a viable Republic?
Of the People,
By the People,
And for the People, my ass.
izlamo delenda est …
“If PROMIESA isn’t passed and Puerto Rico instead files for bankruptcy, it could lead to massive disruption among their citizens as government payroll and welfare benefits go unpaid.”
Gee….they say that like it would be a BAD thing.
I give a shit about Puerto Rico – let em go bankrupt. They took the money and now they deal with it. We shouldn’t be bailing them out.
Puerto Rico economics.
Coming to a government near you.
Bad precedent to set; next we’ll be bailing out Detroit, and Shitcago. and then maybe states like Illinois and Californica. And, and, the University of Mizzou is way down in $$ because of Black Lives Matter policies- maybe they’ll get a “bail-out” too.
Next time you hear something about the Marine Corps not having the $$ for spare parts for their F-18’s, tell them to go ask the Puerto Ricans for some cash.
This bailout is Obama’s chance to make them the 51st state, just before DC, the 52nd. – Correction 58th and 59th states.
Damn I bet there is a bunch of Porto Rican politician with off shore accounts.