Posted on 07/13/2014 6:10:27 PM PDT by markomalley
Easy, big banks will loan to anyone because they know the taxpayers will be forced to bail them out to “save the economy”.
Puerto Rico had a great governor recently, but the voters kicked him out in favor of a politician who promised them more free stuff.
Smaller Islands are notorious for having low resources and high costs, including energy, travel times, travel costs, etc, which ten to make them poor. Puerto Rico is better than a lot of islands, but some issues could not be worked around until recently. Air travel, container ships, and fiber internet connections all bring the island much closer to the mainland than it has ever been. It is now a four hour flight to New York.
The US federal government also gave them a boost, when they unfortunately passed FATCA. This prevents ordinary Americans from being able to move money offshore. But we can move it to Puerto Rico, and enjoy some of the same benefits.
I think they are committed to the right strategy, and hope they succeed at it.
Hope springs eternal!
sooo, still interested in making this basket case our next state???
Can you say wworthless pathetic welfare drain??
Democrats first Balkanize a place and then eat it from the inside out.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.