Congress, Not Obama's Cronies, Can Save Puerto Rico
Speaker Ryan has made it crystal clear that House Republicans' number one priority is to shield American taxpayers from a bailout of Puerto Rico
By Megan Barth —— Bio and Archives--April 26, 2016
American Politics, News | Comments | Back To Full Article
My problem lies in reconciling my gross habits with my net income. -- Errol Flynn
Due to Puerto Rico's gross habits, the commonwealth has amassed a total debt of over $72 billion and has already defaulted on $221 million of its' debt. When unfunded liabilities (pensions) are included, these additional costs bring the total value of their debt closer to $165 billion, approximately $150% of its' GDP.
According to the NY Times: "On May 1 the island's all-important Government Development Bank must make debt payments of $422 million, which it does not seem to have. Two months later, about $2 billion is due from the central government and a number of big public enterprises: the electric power authority, the water and sewer authority and the highway authority, among others. Puerto Rico's constitution effectively guarantees at least some of those payments, but the money to make them appears to have dried up."Welcome to CFP’s Comment Section!
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