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Governor Alejandro Garcia Padilla said in a televised speech that he signed the moratorium on Saturday in what he characterized as a “painful decision” based on inaction from the U.S. Congress, which continues to debate a legislative fix for Puerto Rico’s $70 billion debt load.
“We do not want a bailout. We haven’t asked for a bailout. We haven’t been offered a bailout,” he said as the U.S. territory’s economic crisis enters its most dire stretch yet.
Puerto Rico Will Officially Default on a $422 Million Payment Monday - Fortune
This is no bueno. I was unaware that our territories did not have the same financial tools as our states. That sounds like an easy fix, but it will not stop the spending. Also, Puerto Rico hasn't released financial statements since fiscal year 2013. They need to get that out so we can see the damage.
Puerto Rico Will Officially Default on a $422 Million Payment Monday - Fortune
This is no bueno. I was unaware that our territories did not have the same financial tools as our states. That sounds like an easy fix, but it will not stop the spending. Also, Puerto Rico hasn't released financial statements since fiscal year 2013. They need to get that out so we can see the damage.
Maybe they should try spending more money?
Maybe they should try spending more money?
This will have all kinds of impacts, politically and economically.
I've been reading up some, and I think I've got this solved. Puerto Rico needs to borrow massive amounts of money, and then spend it paying half it's unemployed populace to bury jars of cash, and the other half digging those jars back up.
Magico-Multipliero-Presto-Growtho-ChangeO!!!! Instant Wealth!!! In the future we'll all be dead!!!
Maybe they should try spending more money?
Maybe they should try spending more money?
Spending money on interest payments is a far better use of your taxpayer's money instead of using it on infrastructure and schools.
IIRC a State has the ability to file for bankruptcy, PR does not have this ability?
It will bring the nation to its knees!!!!!
I don't understand why we're going to make people in Puerto Rico suffer.
WE have nothing to do with the suffering of the people of Puerto Rico. Their profligate spending has everything to do with their suffering.
Sounds like they need to be more fiscally responsible. Don't spend what you don't have and don't expect others to bail you out.
They literally do not have this ability for some completely inexplicable reason. An exception to Chapter 9 was made for PR and literally no legislative notations exist on it. There was no debate in Congress. There is no legislative record as to why this amendment was inserted. The only thing we know about this change is that Strom Thurmond added the change before the bill went to vote, and Congress voted it into law.
Umm, a government failing to make payments is kind of a big deal.
WE have nothing to do with the suffering of the people of Puerto Rico. Their profligate spending has everything to do with their suffering.
It's not a bailout. Nobody is asking for us to just give them money. People need to stop letting these stupid memes float around like this.
Sounds like they need to be more fiscally responsible. Don't spend what you don't have and don't expect others to bail you out.
They had to vote on the law to know what was in it.
Indeed it is. That is why some people actually care about deficits.
Deficits are a great thing.Indeed it is. That is why some people actually care about deficits.
So is it going to cost the US taxpayer anything? Either way patching up bad policy just encourages it. Only thing I think I could accept is Puerto Rico being managed by an outside committee similar to when Detroit went under since they clearly can't handle themselves.
There's no defense here, this isn't a partisan issue. Nobody has any good reason PR shouldn't be able to use this process to get their debt under control.They had to vote on the law to know what was in it.
PR cares but for some reason the way out of this mess has been taken from them.Indeed it is. That is why some people actually care about deficits.
So is it going to cost the US taxpayer anything? Either way patching up bad policy just encourages it. Only thing I think I could accept is Puerto Rico being managed by an outside committee similar to when Detroit went under since they clearly can't handle themselves.
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