The spendthrift government of Puerto Rico failed to make a $370,000,000 interest payment today; their excuse, we don’t have the money. That’s a lie, one of many that have come from the Governor’s mouth. What they don’t tell you is that the money is there, but they do not want to pay their creditors because the parasitic government worker will go bananas. After living high off the hog, the union nincompoops are livid that the possibility of a salary cut is in the offing.
Don’t forget that Puerto Rico is a scam socialist paradise of the highest order. They say that making the payment will cut government service; not so. What they don’t want to cut are salaries of people who are on a siesta all day; the ones who vote for the politician who will give them the most money – Democrats mind you.
Make it your business to call your Senator and Congressman and tell them in no uncertain terms that bailing out Puerto Rico will put their job in jeopardy. Maybe they will understand this language.
Most Americans have fond memories of Puerto Rico, either from visiting the island or the magistical lore portrayed by the many novelists who described its inner beauty . However, what was once was is no more; the island is suffering a devastating financial crisis, a major tsunami of debt is in the process of drowning what is left of the once invincible island; think of a $72 billion debt wall which will bring it down. However, those who have borrowed don’t have any remorse, they are blaming those who loaned them the money. Talk about chutzpah.
Vultures. People who lent Puerto Rico money and now expect to be paid are being portrayed as greedy vultures.
But Puerto Rico’s $70 billion debt crisis isn’t just a battle between New York hedge funds and a cash-strapped little island. As you see Puerto Rico is on a collision course with destiny.
Senators in Puerto Rico say they will not approve an amended bill that would exclude certain bonds issued by the government from a debt moratorium.
A caucus of senators from Puerto Rico’s ruling party said Tuesday that the bill is not consistent with the $70 billion debt restructuring that the U.S. territory is seeking from Congress.
Puerto Rico received more than $6.5 billion annually in federal aid from the United States. A substantial portion of this amount is earmarked for public welfare, including funding educational programs (such as Head Start), subsidized housing programs (such as (Section 8 and public housing projects), and a food stamp system called the Nutrition Assistance for Puerto Rico program.
See the previous Blog Post from December 2015
Puerto Rico (The Rich Port) has given notice that the island will default on $37 million in debt due this week. This will set the stage for debt consolidation where the creditors unwillingly take a haircut.
How did such a beautiful place get into debt in the first place; simply put the politicians borrowed their way to fame. Over the past two decades the ruthless scoundrels that they are borrowed, borrowed and borrowed some more showering the people with free goodies. The problem here though is simple, the people in Puerto Rico don’t have jobs, so how could they ever pay the money back. But this was no concern to the Governors, they were only worried about their reelection.
One third – 33% of Puerto Rico’s population is on food stamps costing the United States over $2 billion per year. Puerto Rico had a higher public assistance participation rate (5.9 percent) than the national average (2.9 percent), this means that twice as many per capita receive welfare. For those who stay, rich welfare benefits provide a disincentive to work. A household of three can receive $1,743 per month in food stamps, Medicaid, utility subsidies and welfare compared to minimum-wage take-home pay of $1,159. Employers are required to provide 15 days of vacation and 12 sick days annually and a $600 Christmas bonus. Government employees make up a quarter of the island’s workforce.
A more appropriate name should be Puerto Welfare.
The Greek debacle has been the focus of late on its on again-off again debt restructuring, but that doesn’t mean that the troubles in Puerto Rico are playing second fiddle. Puerto Rico is on the hook for close to $100 billion. That is a boat load of pina coladas. Just in case you haven’t been initiated in the Puerto Rico way of doing business we bring you their number one life saver, welfare and social security. Puerto Rico is a disability fraud paradise. The top 10 U.S. zip codes tied to people receiving disability benefits, nine are in Puerto Rico.
The sharks are circling the waters in the hope of default if and when it happens. The rich island has a dark journey ahead, tourism is in the tank, the economy is in a perpetual depression, drugs are rampant and most of all the government will not do what needs to be done; cut bait.
But Puerto Rico is part of the United States and is a metaphor for liberal bastions like Illinois and Connecticut, both drowning the sea of debt. Utmost on the minds of the Puerto Rican is not the rising sea levels, but their share of the islands IOU’s. By the way, in case you didn’t notice, Puerto Rico has a population similar to Connecticut, 3,5 million or simply put a debt of $22,000 for each of its citizens. And true to form the Commonwealth’s economy has slowly reached the point of no return being sucked down by a giant whirlpool that not even Captain Nemo can save.