HOW MANY PEOPLE DIED IN PUERTO RICO? – DEPENDS ON WHO YOU ASK – WHO WAS ULTIMATELY RESPONSIBLE

Did 65 die or  was it 3000? And where are the bodies? Who is to blame for this? First of all Puerto Rico is a welfare sanctuary run to the ground by Democrats – a failed state. Their infrastructure was was comparable to those of third world countries – think South Africa, Iran and Iraq. Electricity was dole out by the hour, water systems in many cases were inoperable. But the failed state, 41% of the employed worked for the government, was an accident waiting to happen; and it did.

Most deaths after Hurricane Maria hit Puerto Rico are blamed on interruptions in medical care due to power outages and blocked or washed out roads, said the report published in the New England Journal of Medicine.

Approximately one-third of post-hurricane deaths were reported by household members as being caused by delayed or prevented access to medical care,” said the report.”

The bottom line is two fold; One those responsible for the majority of deaths were the elected government officials of Puerto Rico, who were irresponsible; their obligation was to prepare and warn the people of the coming disaster; this they did not do.

Secondly, to blame Trump for his lack of empathy is insinuating that the President of the United States caused the problem. He did not. But we must remind those who place blame of the FACT that those who live in a Welfare State always depend on others to do their bidding. And so it was with Puerto Rico when hurricane Maria hit. The citizens waited for the Government to step in and lend a helping hand while they sat idly by, waiting for disaster to hit. 

TOO LAZY TO DISTRIBUTE THE WATER – THIS IS NO SURPRISE

FROM THE

New York Post

 

Hundreds of thousands of water bottles meant for victims of Hurricane Maria are still sitting at a Puerto Rico airport — nearly a year after the deadly storm, according to a report.

A photo showing the bottles in boxes and covered in a blue tarp on a runway in Ceiba was shared widely on social media Tuesday evening.

“Although you don’t believe it… almost a million boxes of water that were never delivered to the villages,” posted Abdiel Santana, a photographer working for a Puerto Rican state police agency who took the pictures. “Is there anyone who can explain this?”

FEMA acknowledged to CBS News on Wednesday that the bottles were brought inland in 2017 in the wake of the hurricane and that they were turned over to “central government.”

It is unclear where the breakdown that caused the bottles to never be distributed was caused.

Celebrity chef José Andrés, who brought a crew of volunteers to help feed victims of Maria in the wake of the storm, called for an “official independent investigation” into what happened to the stash of drinking water.

“My teams knew about it but first they will say, ‘no we can not use them,’ months later water was no good for human consumption,” he tweeted. “We were ‘buying’ water because they wouldn’t give it to us.” He didn’t specify who “they” was.

The revelation comes as President Trump doubled down on his administration’s response to Hurricane Maria on Wednesday and lashed out at the mayor of San Juan, who has been a critic of the effort, as “incompetent.”

The president raised eyebrows Tuesday when he touted the response efforts in a meeting to go over preparations for the potentially devastating Hurricane Florence inching toward the Carolinas.

“The job that FEMA and law enforcement and everybody did, working along with the governor in Puerto Rico, I think was tremendous. I think that Puerto Rico was an incredible, unsung success,” he had said.

THEY TAKE AND TAKE AND TAKE – PUERTO RICO CORRUPTION AND WELFARE GONE WILD

SINK OR SWIMENOUGH ALREADY – NO MORE PAYMENTS FROM U.S. TAX PAYERS

Storm dealt Puerto Rico knockout blow after decades of fiscal failure, corruption

Six months after Hurricane Maria slammed into Puerto Rico, many leaders there are pointing the finger at Washington, but the scandal, corruption and waste that now plague the U.S. territory were around long before last summer’s storm.

Decades of dysfunction, mismanagement and embarrassing abuses of power left Puerto Rico reeling well before the storm delivered a knockout blow, say obervers. Enormous debt, absurd infrastructure projects and a tradition of corruption have hampered the commonwealth’s ability to get off the canvas.

“There’ve been so many problems that have built up year after year,” Rep. Ron DeSantis, R-Fla., told Fox News. “It’s a tough situation.”

“All these mayors were using borrowed money to build things that were underutilized.”

– Emilio Pantojas-Garcia, University of Puerto Rico

Reckless spending sprees by a revolving door of politicians have turned the commonwealth into a bloated bureaucracy that can’t pay its bills and yet enjoys the benefits of a welfare society without any of the responsibilities attached to it.

Before Maria hit in September, Puerto Rico was already navigating the biggest bankruptcy in U.S. government history at a whopping $120 billion in combined bond and pension debt.

For years, the island blew through billions of dollars in borrowed money.

Pricey and impractical infrastructure projects almost always got the go-ahead.

“Every town in Puerto Rico has a new baseball park,” Emilio Pantojas-Garcia, a sociology professor at the University of Puerto Rico, Rio Piedras, told Bloomberg News.  “All these mayors were using borrowed money to build things that were underutilized.”

One such project was a 1,000-seat performing-arts center in the small city of Humacao. The building was designed for big-budget Broadway-style performances. Instead, it was rarely used and ended up being the place where the occasional stand-up comic performs.

The territory’s towering debt and mismanagement also led to less money being available for schools and hospitals.

Then Maria hit and things on the island went from bad to catastrophic in the blink of an eye.

Multiple cases of corruption and greed by local leaders, government officials and inexperienced contractors surfaced, shedding light on the toxicity that is still very much a part of everyday life in Puerto Rico.

Those who can leave, often do.

The government of Puerto Rico now estimates that by the end of the year, another 200,000 residents will have moved to the mainland.

But for residents stuck in Puerto Rico, the future looks grim.

“We’re used to it by now but that doesn’t make it right or fair,” Sunita Howell, a waitress in Old San Juan, told Fox News. Howell’s family, who lives in the Hato Rey neighborhood of the city, struggles daily.

Howell says after Maria hit, her family was approached by someone offering to restore power to their home for $3,000.

“I don’t have that kind of money,” she said. “Who has that here? You are supposed to be helping us not taking our money.”

The Puerto Rico Electric Power Authority – PREPA- has already suspended three employees without pay and says it is looking into another 25 reported cases of possible bribery in the days and weeks after Maria.

PREPA confirmed to PBS that all of the cases involve field employees responsible for restoring power.

El Vocero, a San Juan-based newspaper, said that some employees demanded up to $5,000 to reconnect power.

PREPA’s director was forced out in November after the utility, the commonwealth’s sole electricity provider, failed to call for help from its mainland counterparts after the storm.

Instead, PREPA granted a power-restoration contract to Whitefish Energy Holdings. It was a disaster of a deal and PREPA was forced to rescind the contract after public pressure.

PREPA was also accused of stockpiling supplies badly needed to help with rebuilding after Maria.

“The Puerto Rico Electric Power Authority has become a heavy burden on our people, who are now hostage to its poor service and high cost,” Governor Ricardo Rossello, who is planning to sell PREPA to the private sector, said in a statement. “What we know today as the Puerto Rico Electric Power Authority does not work and cannot continue to operate like this.”

PREPA’s problems are just one of several crises slowing down recovery on the island.

The federal government recently awarded a $156 million contract to a one-person Atlanta-based company that was supposed to deliver 30 million meals to Puerto Rico. Owner Tiffany Brown, who had no disaster relief experience, got the gig but managed to deliver only 50,000 meals to the storm-ravaged island.

There have been problems with the housing situation too and now, the island’s largest restoration contractor says it will pull out of Puerto Rico in the next few weeks after maxing out its $746 million contract.

“It never ends,” Howell said. “Tomorrow I’ll wake up and there will be another scandal, another Whitefish.”

WHY DOES GOVERNMENT ALLOW BODEGA TYPE CONVENIENCE STORES TO ACCEPT SNAP?

Trust certain Ghanaians to take their ‘shenaniganism’ to the backyards of whoever opens his country for them and while at it, they are sure to make global headlines with their ‘get rich schemes.’
A Ghanaian based in Worcester, USA has pleaded guilty to $3.6 million fraud after she was busted for screwing the United States food stamp benefit system, which is to help support people of low income.

She attended Kwame Nkrumah University of Science and Technology in Kumasi, Ghana from 1991-1994, according to her LinkedIn page. She enrolled in Quinsigamond Community College between 2003-2005 in Worcester where she studied electronics.

In 2011 her community college bragged about her and called her a “success story.”

CONVENIENCE STORE FRAUDSTER TAKES $3.6 MILLION FROM THE AMERICAN TAXPAYERS

Convenience store owner Vida Ofori Causey out of Worcester, Mass. was charged in federal court Monday after pleading guilty to $3.6 million worth of food stamp fraud.

According to authorities, Causey abused the program between 2010 and 2014. Food stamps, officially known as the Supplemental Nutrition Assistance Program (SNAP), is run by local and federal agencies. It is overseen by the U.S. Department of Agriculture (USDA). She was able to scam the program by buying food stamp benefits from receipts for half the actual value.

“Causey purchased the benefits at a discounted value of approximately fifty cents for every SNAP dollar,” a press release from Department of Justice stated. “By so doing, Causey caused the USDA to electronically deposit into a bank account controlled by her the full face value of the SNAP benefits fraudulently obtained.”

As a result, recipients had cash on hand to buy restricted items. The restricted items could include alcohol, cigarettes and even drugs. The program is supposed to be used to provide food to low-come individuals and families. In total, Causey defrauded the USDA for approximately $3,638,900.

SNAP is the nation’s largest food-assistance program. According to a report from the U.S. Department of Agriculture (USDA), the program has increased from 17 million participants in 2000 to nearly 47 million in 2014.

JUST A LITTLE MORE INFORMATION ON IMMIGATION FROM GHANA TO WORCESTER, MASS:

The demographics of the City of Worcester underwent a considerable change between 2000 and 2010, according to a new report from the Worcester Regional Research Bureau.
In “Worcester’s Demographic Trends: 2010 Census,” the Research Bureau found that the city’s African American population increased by 77 percent during the first decade of the 21st Century. During the same period, the Latino population grew by 45 percent and the Asian population grew by 31 percent as well.

Meanwhile, the number of residents identifying as white decreased by more than 5 percent, even as the city’s overall population grew by almost 5 percent to 181,045.

Since bottoming out in 1980, Worcester’s population has grown by nearly 20,000 residents, an increase of almost 12 percent over three decades.

Surprising Demographic Shifts

“I think the most surprising was where people are coming from,” said Roberta Schaefer, president and CEO of the Research Bureau.

As of the 2010 Census, 3,401 residents, or 9.63 percent of the city’s foreign-born population, immigrated from Brazil, earning the South American country the top spot on the list.

With 3,356 foreign-born residents, or 9.51 percent of the immigrant population, originating from Vietnam, the country came in a close second. Ghana rounded out the top three as the home country for 3,049 residents, or 8.64 percent of the foreign-born population in Worcester.

PREVIOUSLY:

FOOD STAMP PARASITES EATING YOUR LUNCH

3 IN 4 REFUGEES ON FOOD STAMPS, MANY USING OTHER FORMS OF PUBLIC ASSISTANCE

The Office of Refugee Resettlement’s Annual Report to Congress for FY2013 reveals that nearly 3 in 4 refugees were on food stamps.

Additionally, nearly half were on some form of cash assistance and more than a half were on medical assistance. More than 20 percent were on Supplemental Security Income, more than 22 percent were in public housing and nearly 20 percent were on Temporary Assistance for Needy Families (TANF).

The report noted that many households received more than one type of assistance and the data dealt with refugees who arrived in the U.S. between March 1, 2008 to February 28, 2013.

Click here for the full article from Breitbart. Become familiar with the SNAP program. How to qualify, click here.

ARE YOU KIDDING

Muslims on food stamps make demands that will cost taxpayers another $150,000. Click here for the story.

THE WELFARE STATE EXPLAINED – GROWING NUMBER OF PARASITES

Welfare: Who’s on It, Who’s Not?

F. Roger Devlin and Henry Wolff, American Renaissance, October 14, 2015

FoodStamps
The numbers are even worse than we thought.

The Center for Immigration Studies (CIS) has published a new report called “Welfare Use by Immigrant and Native Households.” The report’s principle finding is that fully 51 percent of immigrant households receive some form of welfare, compared to an already worrisomely high 30 percent of American native households. The new study is based on the most accurate data available, the Census Bureau’s Survey of Income and Program Participation (SIPP). It also reports stark racial differences in the use of welfare programs.

Previous studies of welfare use have been based on the less accurate but more easily accessible data available from the Current Population Survey; this led to less alarming figures of 39 percent of immigrant households using welfare and 24 percent of native households. CIS’s Steve Camarota took the trouble to work with the SIPP data, which cover a larger number of welfare programs. His results have been independently verified by Decision Demographics, a company specializing in analysis of Census Bureau data.

The programs covered in Mr. Camarota’s study include Supplemental Security Income, Temporary Assistance for Needy Families (what used to be most commonly called “welfare”), the Women, Infants and Children food program, the Supplemental Nutrition Assistance Program (“food stamps”), free and subsidized school lunches, Medicaid, and public housing and rent subsidies.

Needless to say, the percentage of immigrants using some form of welfare varies enormously according to the part of the world from which they come. Rates are highest for households from Central America and Mexico (73 percent), the Caribbean (51 percent), and Africa (48 percent). Those from East Asia (32 percent), Europe (26 percent), and South Asia (17 percent) have the lowest rates.

An appendix to the report includes some startling information on welfare use by race and ethnicity. In 2012, the most recent year for which figures are available, the percentages of each group that used at least one welfare program were as follow:

WelfareUseNativeHouseholds

A majority of native black and Hispanic households are on some form of means-tested welfare, compared to just 23 percent of native white households.

A disproportionate share of welfare is directed to households with children. For this group, the corresponding numbers for 2012 are even higher:

WelfareUseHouseholdsWithChildren

A striking 82 percent of black households with children receive welfare–double the white rate. Hispanic families are not far behind blacks.

Of course, different welfare programs are used at different rates. What follow are sets of charts showing, first, the welfare rates for all US households, and second, welfare rates only for households with children. The percentages for Hispanic and black immigrants include both legal and illegal immigrants.

CashAssistanceAllHouseholds

CashAssistanceHouseholdsChildren

Among natives, blacks receive cash handouts at more than three times the white rate; Hispanics at more than twice the white rate. Rates for black and Hispanic immigrants are relatively lower due to often-ignored restrictions on immigrant use of these programs.

FoodAidAllHouseholds

FoodAidHouseholdsChildren

Among all households, native blacks and Hispanics receive food handouts at three times the white rate; for Hispanic immigrants, the figure is four times the white rate. Among households with children, nearly all immigrant Hispanics–86 percent–get food aid. Native blacks and Hispanics aren’t far behind, with rates of 75 and 72 percent, respectively.

MedicaidAllHouseholds

MedicaidHouseholdsChildren

It’s clear, too, that non-whites benefit disproportionately from Medicaid, which helps explain why red states have opted out of Medicaid expansion.

HousingAllHouseholds

HousingHouseholdsChildren

Native Hispanics and blacks, especially, are also heavy users of housing assistance. Among households with children, native Hispanics use these programs at nearly four times the white rate and blacks at seven times the white rate. Some effort is made to limit the access of illegal immigrants to subsidized housing, which helps explain why Hispanic immigrants get housing handouts at less than half the rate for native Hispanics. Amnesty for illegals would mean a sharp rise in the percentage of Hispanics in public or subsidized housing.

Spreading the wealth around

For each of the four welfare categories presented above, the black and Hispanic rates are at least double the white rates. Native Asians appear to use welfare at slightly lower rates than whites, but their SIPP sample size is too small to be certain. Asian immigrants, who are not included in the charts above, exceed native white welfare rates by about 25 percent (see table A3 in the CIS report). The US has three times as many immigrant Asian households as native Asian households.

What little public discussion there is of disproportionate welfare use by blacks and Hispanics is inevitably muddied by the claim that the majority of those receiving welfare are white. This ignores the fact that there are five times as many whites as blacks and four times as many whites as Hispanics in the United States; what matter are differences in the rates at which each group uses welfare. Furthermore, at least in terms of households, this claim is no longer be true.

According to data in the CIS report, there are 39.88 million households in the US receiving some sort of means-tested welfare. Of those households, just 19.66 million–or 49 percent–are either native or immigrant whites (Middle Eastern immigrants are classified as “whites”). That means the majority of US households on welfare are now non-white.

As mass Third-World immigration continues, the US will have an ever-burgeoning dependent class of non-whites. Black voters will be joined by increasing number of Hispanic voters in their support for more handouts. When they vote in 2016, a majority of black and Hispanic households are likely to be on welfare–just as they were in 2012. Arguments about freedom and limited government will mean nothing to them. Obamacare is just the beginning.

Whites must decide if this is the future they want for their children and grandchildren. If they don’t take action soon, blacks and Hispanics will decide for them.

Time has come for a full accounting and audit of all government handout programs. Interviews of SS disability, Welfare, Medicaid and other free programs by an independent Accounting firm from the Big Four. Our bet is that 50% will be unqualified to collect any benefit from the government. Additionally, the child care credit collected by illegal aliens who defraud the IRS is a high priority.

PUERTO RICO – THANKS MARIA FOR EXPOSING THE WELFARE ISLAND

Who’s to Blame for the Mess in Puerto Rico?

American Renaissance

Alex Witoslawski, American Renaissance, October 4, 2017

Not Donald Trump.

Puerto Ricans are blaming President Trump for the fact that two weeks after Hurricane Maria, their island is still a mess: power outages, flooding, fuel shortages, spotty cell service, washed out bridges, roads blocked by fallen trees. But who is really to blame for the island’s paralysis?

Consider this: Puerto Rico has a population of only 3.4 million but their elected government has run up a debt of over $70 billion and pension obligations of $50 billion. That’s more than $35,294 per resident and over 100 percent of GDP. Puerto Rico has already defaultedon a $58 million bond payment in 2016, due to its already-high taxes and unwillingness to cut government spending. It fell into crushing debt despite the $21 billion annually the island receives in aid from the United States, much of it spent on welfare programs such as Head Start, public housing, and food stamps. That’s over $6,000 per capita in federal welfare that the islanders consume. And due to the special status of the island, Puerto Ricans do not even pay federal income tax.

Borrowing and US handouts sustained the welfare habits of the people, but Puerto Rico left its infrastructure embarrassingly outdated. According to the Los Angeles Times, Puerto Rico’s electrical grid is so starved of physical and human capital that it suffers from power outages four-to-five times the average—even in good weather. Puerto Rico also failed to invest in infrastructure to protect against flooding. The island has few floodwalls and dangerously weak dams—a dam on the island cracked following the hurricane, forcing the evacuation of more than 70,000 people.

These problems were foreseeable and preventable, but liberals and Puerto Rican officials are blaming Donald Trump. Perhaps he is being too nice. Puerto Rico created its own problems; why should we be on the hook for them?

(Credit Image: © Erik Mcgregor/Pacific Press via ZUMA Wire)

After acquisition by the United States following the Spanish-American War in 1898, the island’s residents never integrated with Americans culturally, linguistically, or racially. Puerto Ricans are culturally Hispanic, racially a mix of Spanish colonists, African slaves and Taino natives, and most of them don’t speak any English. They may technically be United States citizens but they share little common history or ancestry with Americans and are clearly a nation that developed separately from our own. And what could indicate a clearer sense of alienation from the United States than the fact that Puerto Rico has its own Olympic team?

Puerto Ricans, meanwhile, have many gripes with what they perceive as their American overlords. For example, even before this latest hurricane-induced crisis, a major problem for Puerto Rico was their inability to conduct trade independently. According to U.S. law, goods must travel between Puerto Rican and mainland American ports on American-made vessels before they are exported or imported. This weakens Puerto Rico’s economy.

The best solution would be to let Puerto Rico become an independent country, free to make its own decisions and responsible for its own problems. This could be done amicably and generously. Since we pay the island tens of billions of dollars every year in welfare payments, we could easily pay off their debt and give them post-hurricane humanitarian aid as incentives to independence.

We could also offer remigration cash incentives for Puerto Ricans living in America who are willing to give up their U.S. citizenship and move to the island. This would not only be an opportunity for the Puerto Rican diaspora in the United States to reunite with their people, but also a great way to reverse the brain-drain. Over the past century, many of the more intelligent and hard-working Puerto Ricans moved to the mainland for better opportunities. The 2010 U.S. Census counted the number of Puerto Ricans living in America at 4.6 million, making it America’s second-largest Hispanic group after Mexicans. This represents a tremendous loss in cultural, economic, and human capital for the island.

Finally, we could offer military protection and economic advice for a couple decades. Chile took economic advice from free-market economists from the University of Chicago and the economy boomed. With the right advice and incentives, Puerto Rico could experience a similar economic rebound.

Separation would come with an expensive up-front price tag for us, but it would save Americans money in the long run and would give Puerto Rico full control over its culture and destiny.

CLICK HERE – Trump tweets that “federal aid won’t last forever.”

“SINK OR SWIM” TIME FOR PUERTO RICO TO FACE REALITY

The disaster that afflicted Puerto Rico brought to the fore a mindset that existed for decades in the Rich Port. This manifestly behavior in the Commonwealth from the top down has been outed large subsequent to the devastating cane. What is that mindset? Handouts, handouts and more handouts. Puerto Rico has been living off the good nature of the United States for a century; Puerto Rico is a failed welfare state, Puerto Rico is Venezuela without oil. Puerto Rico is a Cuban state, run by communists who believe that a government run socialist state will benefit the majority of its citizens.  Puerto Rico is a sink hole sucking in our money that has disappeared quicker than a lost vessel plying the Bermuda Triangle.

Map of Puerto Rico

Puerto Rico’s history reflects the Spanish conquistadors who savagely enslaved imported Africans to toil in the fields picking cane. A mix of culture ensued and in 1899 the United States acquired Puerto Rico at the end of the Spanish American war.  Residence do not pay federal income tax on Puerto Rican income.

The islands debt climbed to $70 billion at a time with 12.4% unemployment at the start of 2017.  On May 3, 2017, Puerto Rico’s financial oversight board in the U.S. District Court for Puerto Rico filed the debt restructuring petition. By early August 2017, the debt was $72 billion with a 45% poverty rate. Great, a 45% poverty rate! How could this be after the United States has sent hundred’s of billions of dollars to Puerto Rico over the past fifty years? Where did the money go? Who is responsible for the larceny? There is no accounting for the lost funds. 

In late late September 2017, Hurricane Maria hit Puerto Rico causing devastating damage. The island’s electrical grid was largely destroyed, with repairs expected to take months to complete, provoking the largest power outage in American history. The result of the debt crisis and hurricane caused 250,000 Puerto Ricans to flee the island and head to the mainland. Florida and New York was their destination.

Puerto Ricans are blaming President Trump for the fact that two weeks after Hurricane Maria, their island is still a mess: power outages, flooding, fuel shortages, spotty cell service, washed out bridges, roads blocked by fallen trees. But who is really to blame for the island’s paralysis?

Consider this: Puerto Rico has a population of only 3.4 million but their elected government has run up a debt of over $70 billion and pension obligations of $50 billion. That’s more than $35,294 per resident and over 100 percent of GDP. Puerto Rico has already defaulted on a $58 million bond payment in 2016, due to its already-high taxes and unwillingness to cut government spending. It fell into crushing debt despite the $21 billion annually the island receives in aid from the United States, much of it spent on welfare programs such as Head Start, public housing, and food stamps. That’s over $6,000 per capita in federal welfare that the islanders consume.

Have we said enough? 

PUERTO RICO – A LEECH PARADISE

Imagine an offer you can’t refuse. No gun pointed to your head, but just plain old capitalism.Image result for leech definition A solution to a so-called insurmountable problem is in your grasp, little or no strings attached, no, this is not a deal with the devil, but a viable way out of a quagmire that you put yourself in and you refuse to sign on. Questions would arise why you walked away from the  deal of the century. But we know the answers; you didn’t sign on for political reasons. And that is what got you into the mess in the  first place. YOU ARE THE EQUIVALENT OF A LEECH. YOU ARE A BLOOD SUCKER, YOU ALWAYS HAVE BEEN AND YOU WILL NEVER BE ANYTHING ELSE. YOU ARE PUERTO RICO.

A backdrop: Puerto Rico began defaulting on its debts two years ago, seeking to avoid Draconian budget cuts officials said would deal another blow to an already shrinking economy. With nearly half of its 3.4 million residents living in poverty, the government sought protection from creditors in May.

The details to the agreement you refused provide insight on your thinking. And what was that proposal? PREPA, the power company that once was, is bankrupt – kaput; they have brought this on themselves, this was suicide by default; no, Hurricane Maria did not pour more water on their parade – they were drowning in their own debt, plus years of mismanagement brought them to the abyss.

Last year Puerto Rico suffered a large-scale blackout that cut power to half the island’s residents. A major power plant caught fire, damaging two large transmission sites. Prepa’s power infrastructure is dangerously out of date, reliant on dirty and inefficient oil generators for 45 percent of its energy production, compared with a 4 percent national average. Yet Puerto Rican energy costs are high, with residents paying more for electricity than Americans in any state except Hawaii. High prices and bad service are just two reasons why Puerto Rico has been losing jobs and people for a decade.

Investors did not examine Prepa’s finances before helping it go broke, though performing due diligence would have been easy: in 2013, the last year that it issued long-term bonds, Prepa warned investors in writing that it had lost money for four years in a row. “These losses reflect the continuation of a historical trend of net losses,” it added, noting that the amount it owed—then $10.8 billion—exceeded its assets by nearly $1 billion. “If this trend were to continue, the Authority’s ability to fund its operations and finance its capital program”—that is, investments in better power assets—“could be negatively impacted,” it warned potential lenders.

Because bondholders let Prepa stay in business for so long while deferring maintenance, the power company needed $4.7 billion in infrastructure upgrades even before Maria hit. To its credit, it had finally begun to explore how to be more efficient. Yet bondholders clung to the fiction that the company could repay much of its debt. To avert bankruptcy, bondholders had already agreed to 15 percent losses on the money Prepa owed; they also granted the company a debt-payment extension. It wasn’t enough.

After Maria’s emergency phase passes, Prepa must rebuild its permanent assets. Because the company was under-insured—it self-insured its distribution and transmission assets, with only $90 million set aside for that purpose—Washington will likely provide much of the money to do that. The feds should work with Puerto Rico to ensure that Prepa rebuilds effectively, especially through partnerships with successful power companies from the U.S. mainland.

Along with Puerto Rico itself, Prepa was already on the verge of bankruptcy.  And in July, the power authority filed for insolvency under the custom-tailored bankruptcy law that President Obama signed last year. The company reported $11.4 billion in debt, including $8 billion in long-term bonds. Much of this debt is held by investors from the U.S. mainland, lured by tax-exempt investing incentives.

Maria did one thing right, it exposed the vulnerability of Puerto Rico and laid bare the leeches that make up the majority of its populace. Maria did a superb job of getting this latter point across. Congress created a new board to oversee the restructuring of Puerto Rico itself, Promesea; the new kid on the block, a stalwart with a socialist mentality, with a mindset to screw the existing bondholders of Puerto Rico and the debt holders of PREPA. In other words they were set up to rule and set rules and break contracts and violate the Constitution. They were the law West of the Pecos.

Remember, Puerto Rico laready turned down an offer to good to refuse. Image result for law west of the pecosPrepa bondholders offered to exchange $1 billion in debt for $850 million and $1 billion in new cash. REJECTED out of hand. Governor Rossello, the political lackey to say the least, has more excuses for failure than the opioids filling the veins of its citizens.

Image result for opioids

In the power struggle, no pun intended, between Governor Rossello and Promesea, the governor has won so far. Bonuses are being paid for Christmas, no layoffs, no restructuring. The bottom line here is clear as the waters off the coast of Puerto Rico once were, Puerto Rico is run by a dictator welfare socialist governor who will not accept private capital but wants the Feds to hand over $94,000,000,000 (billion) to him so he can do with it what he pleases.

TELL YOUR CONGRESSMAN AND SENATOR THAT PUERTO RICO IS A THE MOTHER OF ALL LEECHES AND THEY CAN GO STRAIGHT TO PURGATORY!

BEGGARS

Puerto Rico this week requested $94 billion in immediate aid to recover from hurricanes Irma and Maria, which left most of the 3.4 million residents without power. The biggest share of the funds, $31 billion, were to be used to rebuild homes, with another $18 billion requested for the electric utility, Governor Ricardo Rossello said in a letter to President Donald Trump released Monday.  

No preconceived notions here, but what gets our goat is the amount of money Puerto Rico demands from mainland taxpayers;  $100,000,000,000. Side note, Puerto Ricans don’t pay Federal Income Tax.  A back of the envelope calculation computes to $10,000 per individual – counting children. That is on top of the $50,000,000,000 we send annually to the island. Sending good money after bad does not compute, it never did.

American Renaissance

Alex Witoslawski, American Renaissance, October 4, 2017

Puerto Ricans are blaming President Trump for the fact that two weeks after Hurricane Maria, their island is still a mess: power outages, flooding, fuel shortages, spotty cell service, washed out bridges, roads blocked by fallen trees. But who is really to blame for the island’s paralysis?

Consider this: Puerto Rico has a population of only 3.4 million but their elected government has run up a debt of over $70 billion and pension obligations of $50 billion. That’s more than $35,294 per resident and over 100 percent of GDP. Puerto Rico has already defaultedon a $58 million bond payment in 2016, due to its already-high taxes and unwillingness to cut government spending. It fell into crushing debt despite the $21 billion annually the island receives in aid from the United States, much of it spent on welfare programs such as Head Start, public housing, and food stamps. That’s over $6,000 per capita in federal welfare that the islanders consume. And due to the special status of the island, Puerto Ricans do not even pay federal income tax.

Borrowing and US handouts sustained the welfare habits of the people, but Puerto Rico left its infrastructure embarrassingly outdated. According to the Los Angeles Times, Puerto Rico’s electrical grid is so starved of physical and human capital that it suffers from power outages four-to-five times the average—even in good weather. Puerto Rico also failed to invest in infrastructure to protect against flooding. The island has few floodwalls and dangerously weak dams—a dam on the island cracked following the hurricane, forcing the evacuation of more than 70,000 people.

These problems were foreseeable and preventable, but liberals and Puerto Rican officials are blaming Donald Trump. Perhaps he is being too nice. Puerto Rico created its own problems; why should we be on the hook for them?

(Credit Image: © Erik Mcgregor/Pacific Press via ZUMA Wire)

After acquisition by the United States following the Spanish-American War in 1898, the island’s residents never integrated with Americans culturally, linguistically, or racially. Puerto Ricans are culturally Hispanic, racially a mix of Spanish colonists, African slaves and Taino natives, and most of them don’t speak any English. They may technically be United States citizens but they share little common history or ancestry with Americans and are clearly a nation that developed separately from our own. And what could indicate a clearer sense of alienation from the United States than the fact that Puerto Rico has its own Olympic team?

Puerto Ricans, meanwhile, have many gripes with what they perceive as their American overlords. For example, even before this latest hurricane-induced crisis, a major problem for Puerto Rico was their inability to conduct trade independently. According to U.S. law, goods must travel between Puerto Rican and mainland American ports on American-made vessels before they are exported or imported. This weakens Puerto Rico’s economy.

The best solution would be to let Puerto Rico become an independent country, free to make its own decisions and responsible for its own problems. This could be done amicably and generously. Since we pay the island tens of billions of dollars every year in welfare payments, we could easily pay off their debt and give them post-hurricane humanitarian aid as incentives to independence.

We could also offer remigration cash incentives for Puerto Ricans living in America who are willing to give up their U.S. citizenship and move to the island. This would not only be an opportunity for the Puerto Rican diaspora in the United States to reunite with their people, but also a great way to reverse the brain-drain. Over the past century, many of the more intelligent and hard-working Puerto Ricans moved to the mainland for better opportunities. The 2010 U.S. Census counted the number of Puerto Ricans living in America at 4.6 million, making it America’s second-largest Hispanic group after Mexicans. This represents a tremendous loss in cultural, economic, and human capital for the island.

Finally, we could offer military protection and economic advice for a couple decades. Chile took economic advice from free-market economists from the University of Chicago and the economy boomed. With the right advice and incentives, Puerto Rico could experience a similar economic rebound.

Separation would come with an expensive up-front price tag for us, but it would save Americans money in the long run and would give Puerto Rico full control over its culture and destiny.

CLICK HERE – Trump tweets that “federal aid won’t last forever.”

THE LATEST NEWS – previous post

The head of an international engineering firm in Puerto Rico said in an editorial Saturday that when the time came to send 50 of his engineers to help in the aftermath of Hurricane Maria, he bypassed local officials and went straight to FEMA.

The reason, said Jorge Rodriguez, the CEO of PACIV, in an editorial in the New York Post, is that “for the last 30 years, the Puerto Rican government has been completely inept at handling regular societal needs, so I just don’t see it functioning in a crisis like this one.”

Puerto Ricans elected a new governor last November but, Rodriguez charged, he was inexperienced and had never been responsible for a budget.

Gov. Ricardo Rossello cannot exactly count on those around him either, Rodriguez asserted.

“His entire administration is totally inexperienced and they have no clue how to handle a crisis of this magnitude,” said Rodriguez, who has a graduate business degree from Harvard Business School and was named a “Most Distinguished Graduate” by the University of Puerto Rico.   

The WARNING FROM MR.Rodriguez who also had a word of caution for the U.S. Congress: “Watch out what relief funds you approve and let our local government handle. Don’t let the Puerto Rican government play the victim and fool youThey have no clue what they are doing, and I worry that they will mishandle anything that comes their way.”

AND WE ARE GOING TO POUR GOOD MONEY INTO PUERTO RICO!   THE LAZY GOOD FOR NOTHING WELFARE LEACHES WILL BLOW IT LIKE THEY HAVE FOR THE PAST CENTURY!  THIS IS THE WELFARE ISLAND. 

Hey Guys (this includes Girls-no offense, but guys is now a generic term) do you, a taxpayer, want to pay for a stranger’s new house ? Bigger and better than the one you own or rent?  Yeah, we are talking about those poor souls who lived in shanties down there in Puerto Rico. The ones with no flood insurance; to top it off 60% had no wind insurance. In the great majority of cases these houses (pmuds to say the least) were worth, maybe if you stretch it, $8000-$10,000. You have seen them before on the outskirts of Tijuana, Mexico – you say you don’t know what a pmud is, for heaven’s sake it is a dump spelled backward.

Well, let’s get to the point! The welfare island territory has leached off us long enough – now is their time to carry the water.  We are sick and tired of being being sucked dry. They are clamoring for us to give them new houses for free, yes those who had theirs destroyed by Maria. These former homeowners are surging into FEMA’s offices. Of course they have plenty of time on their hand, none work. They rely on you, the taxpayer, for money.  We are talking about the drug and gangster infested island. Audacity. They are also DEMANDING RESPECT. People with no job, but oh yeah, they are on SS disability, food stamps, welfare, medicare and whatever program they can suck dry. You don’t believe us? And the mayor of San Juan, she too opened her big fat trap. Trump had none of it. 

Flag of Puerto Rico.svgPuerto Rico’s bloated government also bears much of the blame. Around 30% of the territory’s jobs are in the public sector. Among other things, a big and coddled bureaucracy undermines Puerto Rico’s educational achievements in two ways. First, nearly half those on the education department’s payroll are not teachers; quality has fallen because of low accountability and mismanagement.

The Urban Dictionary defines LEACH; is a type of person who does their best to suck your personal wealth out of you, without actually causing pain, but just extreme annoyance after you notice it is happaning. Trump voters are sick and tired of being leached to death. Aren’t you?

As he walked through Aguadilla’s town hall recently, Mr Méndez, the mayor,  boasted about each employee’s university or graduate-school credentials as he introduced them. The trouble, he says, is that “All they want to do is find security only. They have no ambition...Everybody wants to work for the government.” Manuel Reyes, of the Puerto Rico Manufacturers Association, also sees little hope that the government’s role will shrink. “There is no light at the end of the tunnel,” he says, “because we are still in denial.”

The federal government spent more than $2 billion to provide food stamps to residents of Puerto Rico in 2012, up to 25 percent of which is untraceable because it is distributed in cash and there is “no way to verify that funds are spent on food,” according to the U.S. Department of Agriculture (USDA). The funds are used to supply more than one-third of the population of Puerto Rico with food stamps. According to the U.S. Department of Agriculture (USDA), the Nutrition Assistance Program (NAP) for Puerto Rico, an unincorporated territory of the United States, received $2 billion in Nutrition Assistance Block Grants in fiscal year 2012.  Folks this was back in 2012, today it is approaching $3 billion dollars. Why work when you can eat like the burger King.

Unemployment: 48% of those eligible to work don’t, counting those that don’t seek work the figure explodes to 55%. One in six working-age men in Puerto Rico are claiming disability benefits and the figure is expect to rise to 12% because of Maria. People from the Dominican Republic do many of the jobs in Puerto Rico that pay too little to attract the locals because the huge amount of government payments they collect while on the dole. What do Puerto Rico’s men do all day? Some get into trouble. But many others hang out in pleasant places that require little money, such as beaches, shopping malls and the armchairs in Borders bookstores. They also watch plenty of television. Satellite dishes sprout from many rooftops. People always have money for that bill.

PUERTO RICO wins the Leach award hands down. Advice to President Trump, “do not give them one red cent.” The government is defunct, the people who live there rely on the United States for handouts. They have reneged on $125 billion in debt. Their economy never was functional, relying on tax breaks to bribe mainland companies – for the most part big pharma – to relocated there. They determined their fate; they shall have to live with it. Estimates of damage are close to $100 billion, why bail them out? For the United States taxpayer this is a travesty. To bail out a bunch of low lifes on social security disability is an affront to those who work, to the American taxpayer. The highest percentage of Social Security disability cases are in Puerto Rico. Now we expect a million more (because of depression) to apply for disability. IT IS A WAY OF LIFE IN PUERTO RICO. Live high, but don’t work, on other peoples money. READ ON FOLKS AND YOU WILL BEGIN TO COMPREHEND THE REAL SITUATION IN PUERTO RICO.

Puerto Ricans who can’t speak English qualify as disabled for Social Security

Hundreds of Puerto Rico’s residents qualified for federal disability benefits in recent years because they lacked fluency in English, according to government auditors. The Social Security Administration’s inspector general questioned the policy this month in light of the fact that Spanish is the predominant language in the U.S. territory. Under Social Security regulations, individuals are considered less employable in the United States if they can’t speak English, regardless of their work experience or level of education. AND THAT IS NOT ALL!

Puerto Rico is red meat, let the vultures come in and devour it. Clean it up and make it what it can be. But no this won’t happen because Big Government will get involved continuing their largess. LET THEM SINK OR SWIMWhy should the mainland BAIL them out?

According to the Consolidated Federal Funds Report compiled by the U.S. Census Bureau, Puerto Rico has received more than $21 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 stampsystem called the Nutrition Assistance for Puerto Rico program.

Supplemental Security Income (SSI) is a federal entitlement program that provides cash assistance to low-income aged, blind, and disabled individuals. Individuals receiving SSI benefits are eligible for Medicaid coverage in all states except “section 209(b)” states, which have opted to use their more restrictive 1972 criteria in determining Medicaid eligibility for SSI recipients. Section 209(b) of the 1972 amendments to the Social Security Act allowed states the option of continuing to use their own eligibility criteria in determining Medicaid eligibility for the elderly and disabled rather than extending Medicaid coverage to all of those individuals who qualify for SSI benefits. As of 2001, eleven states (Connecticut, Hawaii, Illinois, Indiana, Minnesota, Missouri, New Hampshire, North Dakota, Ohio, Oklahoma, and Virginia) had elected the “209(b)” option to apply their 1972 eligibility criteria to aged or disabled individuals receiving SSI benefits for purposes of determining Medicaid

PUERTO RICO – FOOD STAMP NATION -previous post

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.

PUERTO RICO THE SOCIALIST PARADISE OF THE CARIBBEAN DROWNING IN DEBT

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. SoBe Smooth Pina Colada Drink - 20-Fl. Oz. Bottles (Pack of 12)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 paradiseThe top 10 U.S. zip codes tied to people receiving disability benefits, nine are in Puerto Rico. Flag of 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, even Captain Nemo can’t save this one.Twenty Thousand Leagues Under the Sea by Jules Verne

PUERTO RICO – THANKS MARIA FOR EXPOSING THE WELFARE ISLAND

Who’s to Blame for the Mess in Puerto Rico?

American Renaissance

Alex Witoslawski, American Renaissance, October 4, 2017

Not Donald Trump.

Puerto Ricans are blaming President Trump for the fact that two weeks after Hurricane Maria, their island is still a mess: power outages, flooding, fuel shortages, spotty cell service, washed out bridges, roads blocked by fallen trees. But who is really to blame for the island’s paralysis?

Consider this: Puerto Rico has a population of only 3.4 million but their elected government has run up a debt of over $70 billion and pension obligations of $50 billion. That’s more than $35,294 per resident and over 100 percent of GDP. Puerto Rico has already defaultedon a $58 million bond payment in 2016, due to its already-high taxes and unwillingness to cut government spending. It fell into crushing debt despite the $21 billion annually the island receives in aid from the United States, much of it spent on welfare programs such as Head Start, public housing, and food stamps. That’s over $6,000 per capita in federal welfare that the islanders consume. And due to the special status of the island, Puerto Ricans do not even pay federal income tax.

Borrowing and US handouts sustained the welfare habits of the people, but Puerto Rico left its infrastructure embarrassingly outdated. According to the Los Angeles Times, Puerto Rico’s electrical grid is so starved of physical and human capital that it suffers from power outages four-to-five times the average—even in good weather. Puerto Rico also failed to invest in infrastructure to protect against flooding. The island has few floodwalls and dangerously weak dams—a dam on the island cracked following the hurricane, forcing the evacuation of more than 70,000 people.

These problems were foreseeable and preventable, but liberals and Puerto Rican officials are blaming Donald Trump. Perhaps he is being too nice. Puerto Rico created its own problems; why should we be on the hook for them?

(Credit Image: © Erik Mcgregor/Pacific Press via ZUMA Wire)

After acquisition by the United States following the Spanish-American War in 1898, the island’s residents never integrated with Americans culturally, linguistically, or racially. Puerto Ricans are culturally Hispanic, racially a mix of Spanish colonists, African slaves and Taino natives, and most of them don’t speak any English. They may technically be United States citizens but they share little common history or ancestry with Americans and are clearly a nation that developed separately from our own. And what could indicate a clearer sense of alienation from the United States than the fact that Puerto Rico has its own Olympic team?

Puerto Ricans, meanwhile, have many gripes with what they perceive as their American overlords. For example, even before this latest hurricane-induced crisis, a major problem for Puerto Rico was their inability to conduct trade independently. According to U.S. law, goods must travel between Puerto Rican and mainland American ports on American-made vessels before they are exported or imported. This weakens Puerto Rico’s economy.

The best solution would be to let Puerto Rico become an independent country, free to make its own decisions and responsible for its own problems. This could be done amicably and generously. Since we pay the island tens of billions of dollars every year in welfare payments, we could easily pay off their debt and give them post-hurricane humanitarian aid as incentives to independence.

We could also offer remigration cash incentives for Puerto Ricans living in America who are willing to give up their U.S. citizenship and move to the island. This would not only be an opportunity for the Puerto Rican diaspora in the United States to reunite with their people, but also a great way to reverse the brain-drain. Over the past century, many of the more intelligent and hard-working Puerto Ricans moved to the mainland for better opportunities. The 2010 U.S. Census counted the number of Puerto Ricans living in America at 4.6 million, making it America’s second-largest Hispanic group after Mexicans. This represents a tremendous loss in cultural, economic, and human capital for the island.

Finally, we could offer military protection and economic advice for a couple decades. Chile took economic advice from free-market economists from the University of Chicago and the economy boomed. With the right advice and incentives, Puerto Rico could experience a similar economic rebound.

Separation would come with an expensive up-front price tag for us, but it would save Americans money in the long run and would give Puerto Rico full control over its culture and destiny.

CLICK HERE – Trump tweets that “federal aid won’t last forever.”

OBAMA’S ONCE INVISIBLE ARMY TAKES TO THE STREETS

There is no need to rehash Obama’s past comments concerning White attacks against Blacks. Beside Eric Holder, then the attorney general, who failed to indict “The New Black Panther Party for harassing voters at a polling station. Obama, weighed in time and time again with his biased comments which were surreptitiously meant to inflame the Black community. The Trayvon Martin incident proved to be the highlight of Obama’s inflammatory rhetoric.

On the night of February 26, 2012, in Sanford, Florida, United States, George Zimmerman fatally shot Trayvon Martin, a 17-year-old African American high school student. Zimmerman, a 28-year-old mixed race Hispanic man, was the neighborhood watch coordinator for his gated community where Martin was visiting his relatives at the time of the shooting. Zimmerman shot Martin, who was unarmed, during an altercation between the two.

Zimmerman was charged with Martin’s murder but acquitted at trial on self-defense grounds. The incident was reviewed by the Department of Justice for potential civil rights violations, but no additional charges were filed, citing insufficient evidence.

Obama’s comments on the incident: “You know, when Trayvon Martin was first shot I said that this could have been my son.  Another way of saying that is Trayvon Martin could have been me 35 years ago.  And when you think about why, in the African American community at least, there’s a lot of pain around what happened here, I think it’s important to recognize that the African American community is looking at this issue through a set of experiences and a history that doesn’t go away.

There are very few African American men in this country who haven’t had the experience of being followed when they were shopping in a department store.  That includes me.  There are very few African American men who haven’t had the experience of walking across the street and hearing the locks click on the doors of cars.  That happens to me — at least before I was a senator.  There are very few African Americans who haven’t had the experience of getting on an elevator and a woman clutching her purse nervously and holding her breath until she had a chance to get off.  That happens often.”

Running through Obama’s comments one sees the innuendo. This is a strategy that he employs in order to lessen the impact of his own internal biases and hate for America. The double speak is not easy to digest for the true patriot because of the hidden racist script which brings up the race card time and time again. This is what Holder and Obama set out to do. Empower the Black Community with words that turn into action.

Note that the majority of Blacks, if they had their say, do not agree with Obama. But they are prohibited from speaking out for fear of retribution. America today has seen the evolution of the Black Community into the main stream. Those who did not evolve into the mainstream way of thinking and resorted to violence, drugs and delinquency are a literal Black eye on those who succeeded in America. Detroit, the quintessential example, the place where 700,000 individuals moved from the motor city to the suburbs; most of them Black. They fled the sewer pit of drugs, violence and gangbangers. Note that the Democrats still treat the Blacks as if they were slaves picking cotton and cane.

Like Antifa, Black extremists are now a growing threat. They to have been impregnated with the socialist virus; an incurable disease know to be the worst of all. The Antifa community resorts to violence in all respects; reminiscent of the Puerto Rican Nationalist bombers seeking statehood.

Four men were killed and 43 persons were injured on January 25, 1975 when a dynamite powered fragmentation bomb, reportedly planted by an underground Puerto Rican group, exploded and spewed nails and other shrapnel through historic Fraunces Tavern and an exclusive dining club in the Wall Street district.

Deafened by the blast and covered with plaster dust and other debris from fallen walls and ceilings, most of the survivors staggered out to meet other casualties – passersby hurt by flying glass or by the concussion of the explosion.

Even as the dazed and screaming victims, one of them with an arm torn off, were being carried away, the FALN – Fuerzas Armadas de Liberacion Nacional Puertoriquena (Armed Forces of Puerto Rican National Liberation) – telephoned the Associated Press and gloated that one of its agents had planted the explosive device.

Our message is to be aware of the threat we face; underground extremists planning their next step. ISIS is small potatoes compared to the ANTIFA threat. Like the gangs MS-13 has spawned, ANTIFA is slowly recruiting members in all fifty states.

THE PUERTO RICO AFFAIR CONTINUES

This past week President Trump weighed in on the Puerto Rico debt situation. He said that the debt was worthless. Telling  the truth is hard to digest for bondholders, but it is what it is. For the likes of us, we can’t imagine who or what will ever pay back the billions of debt owed by the citizens of Puerto Rico. For heavens sake they are takers not givers; so debtors, kiss your paper goodbye – you can use it for wallpaper or toilet paper, they may be a better use. Puerto Rico has been mismanaged for years by using other peoples money. Why did they ever lend to them is beyond us. And the bond insurers, what were they thinking; beats us.

The best bet here is move forward, bring in the ‘dozers and level the place. Much of the shanty towns have seen total destruction because of lack of building codes and the building of illegal houses. Would you expect anything less. Farmers have seen their crops devastated by the cane. Suddenly, many Puerto Ricans are having to improvise to get by. Maria’s destruction is expected to worsen both. The island could lose 400,000 residents this year, dropping to 3 million. That will lead to steep revenue losses, further draining Puerto Rico’s ability to pay its obligations.Image result for bulldozer

Don’t forget 40% of their debt is owned by locals. Cancelling the debt will be a double whammy. Moving forward is the only way, but expect the Federal Government to throw more money into the wind. As of now, according to those in the know,  the rebuilding will take years. However, in the end, expect the capitalists to boat in, scoop up properties as a cheap price and then rebuild; making Puerto Rico better than ever.