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This article provides the democrat backdrop to the factors that lead (or led) to Puerto Rico's financial ruins. The facts are presented but excuses and blaming are rampant throughout the article.
Instead of blaming fiscal mismanagement, this article blames the U.S. For not giving Puerto Rico more money, both in aid and Medicaid. Even if the fed gave Puerto Rico $2billion ( more than requested), the territory is hundreds of billions in debt.
Reality is high island taxes, lack of business (half of island is a government employee), and a culture of government handouts. Puerto Rico has seen an exodus of young professionals because there are no jobs that are from businesses.
This article even blames colonialism for the demise. Do not forget the island pays no federal income taxes and still democrat handouts have bankrupted the island. Democrats are doubling down on negative GDP for over 10 years. Wow.
This article provides the democrat backdrop to the factors that lead (or led) to Puerto Rico's financial ruins. The facts are presented but excuses and blaming are rampant throughout the article.
Instead of blaming fiscal mismanagement, this article blames the U.S. For not giving Puerto Rico more money, both in aid and Medicaid. Even if the fed gave Puerto Rico $2billion ( more than requested), the territory is hundreds of billions in debt.
Reality is high island taxes, lack of business (half of island is a government employee), and a culture of government handouts. Puerto Rico has seen an exodus of young professionals because there are no jobs that are from businesses.
This article even blames colonialism for the demise. Do not forget the island pays no federal income taxes and still democrat handouts have bankrupted the island. Democrats are doubling down on negative GDP for over 10 years. Wow.
I don't know all the history on Puerto Rico or how they specifically ended up here but seems to be mainly a lack of an economy.
It's rather hysterical to have the US point to a country that is deficit spending. Our debt as a percentage of GDP was 104% in 2015, the interest on our debt is over 10% while everyone shouts no new taxes. The difference is that we can print money and have more potential.
Right now Puerto Rico's has around $70B in debt and they are attempting to negotiated with the bond holders, particularly hedge funds who want their money. They can't declare bankruptcy at least for now.
I don't know all the history on Puerto Rico or how they specifically ended up here but seems to be mainly a lack of an economy.
It's rather hysterical to have the US point to a country that is deficit spending. Our debt as a percentage of GDP was 104% in 2015, the interest on our debt is over 10% while everyone shouts no new taxes. The difference is that we can print money and have more potential.
Right now Puerto Rico's has around $70B in debt and they are attempting to negotiated with the bond holders, particularly hedge funds who want their money. They can't declare bankruptcy at least for now.
Puerto Rico is the end result of the extreme GOP economic plan:
Dirt cheap wages
Huge tax cuts for companies relocating there
Companies them abandoning PR for even lower wages in the 3rd world
PR is left with widespread poverty (low wages) and big deficits (huge tax cuts).
It's not hard to see how they got to where they are today.
You forgot purposely denying Federal assistance programs that every other American gets.
In GOP America it's a race to the bottom! Texas does one thing, Kansas then goes even lower in an attempt to outdo Texas. If we don't get rid of the Republicans we'll all end up like Puerto Rico.
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