Skip to comments.White House steps up aid for financially ailing Puerto Rico
Posted on 02/25/2016 9:49:05 AM PST by Olog-hai
Hoping to spur economic development in financially ailing Puerto Rice, the White House said Thursday it will speed access to almost $400 million for roads and other public works projects on the island. [...]
But the White House also said Congress needs to give Puerto Rico the ability to seek bankruptcy protection under a framework reserved for U.S. territories. That proposal has drawn objections in Congress, with some Republican leaders saying Puerto Rico has the tools to restructure a large portion of its debt voluntarily. ...
(Excerpt) Read more at hosted.ap.org ...
Good old “shovel ready” jobs.
And I’ll bet SlowJoe got the job to oversee the financials as “stimulus sheriff”
Make English your official language and we’ll talk about giving you some cash, maybe.
Giving them Obamacare and Islamic beheading refugees?
Bankruptcy? No, they’ll just end up back here asking for more. No pain, no change.
What do you think of translating the name of the place to “Richport”?
I guess all the corrupt Democrat politicians in Puerto Rico needed more money to pay off their bills for Christmas.
Off topic but I always get confused about Puerto Rico. They are a “commonwealth” I believe. They are not a state but their residents are American citizens. They are basically self governing but as we see here, Obama is willing to bail them out from poor financial choices made by their government. A bailout which does not happen for actual states of the United States may happen for a place of lesser status such as Puerto Rico.
Then some people want to make Puerto Rico the 51st state for unknown reasons.
If Puerto Rico is allowed to go bankrupt, then why not Illinois? Then why not Social Security? Those floodgates must remain closed.
I would call it “Port of Riches” LOL
But your suggestion works just fine as well.
Puerto Rico does not want to become a state, if I remember correctly
They get too many freebies this way
We should cut this welfare dump loose & let them run the island as a nation. Sink or swim time.
No surprise. I’m only surprised they haven’t intervened in the PR bond payment crisis, and then claimed that as a prototype partnership for solving state and local pension crises in places like Chicago and Detroit.
I’m surprised that Obama hasn’t proposed giving it to the Castros.
Once it happens in Puerto Rico it will set the precedent. The next step will be bailing out California, Illinois et al.
Why is that? Bankruptcy is the alternative to debtors' prison. It recognizes, literally, the "bankruptcy" of the policies and practices of those declaring bankruptcy. It transfers the burden of any losses to those who had a vested interest in providing oversight but whose judgements were flawed.
The result of a bankruptcy would be that future lenders would hesitate to allow their assets to be risked using the same flawed policies.
As for Social Security, what mechanism are you suggesting that will prevent its bankruptcy? The bills cannot be paid, will not be paid, and the only uncertainty is when the Ponzi scheme will be allowed to fail. That day is fast approaching.
I fully expect, if I live another twenty years, for the unworkable "promise" of Social Security to be well and truly broken. It wasn't a good idea then, it's not a good idea now, and it will still be a bad idea on the day it fails.
It took seventy years for the Soviet Union to fail. Our approach to socialism might take slightly longer.
It took that long for the USSR to fail because of the USA propping it up at various times, via “lend-lease” and other programs.
They’re shoveling something but it isn’t jobs. I’ve been waiting for months for the Checkwriter in Chief to whip out his magic pen to send them a boatload of money.
“”And I’ll bet SlowJoe got the job to oversee the financials as “stimulus sheriff””
That’s for sure - we’re still waiting for his accounting on the $800+billion stimulus payouts....He must be paid by the hour or how about we just take his salary away from him until he produces something besides BS?
Wouldn’t it be interesting to see who is in line for the jobs in PR and who gets the kickbacks???
I would love to pawn it off to Castro.
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