PR is like that useless cousin who shows up on your doorstep when he needs money. You know he’ll waste it and be back for more in a couple years but you give it because Aunt Betty will tsk, tsk until you do.
Sure, the hurricanes aren’t their fault but their constant state of bankruptcy is. It’s time to put our foot down.
Had to search their debt, had no idea it was this bad:
Puerto Rico Gov. Alejandro García Padilla finally admitted defeat on Sunday, telling The New York Times that the island could not pay its massive $72 billion debt. Instead of taking on another round of high-interest borrowing to delay the inevitable default, he said it’s time for Puerto Rico’s creditors to “share the sacrifices” that the island’s residents have already had to bear.
1. All Puerto Ricans are Americans, really.
2. Congress could easily address this situation, but hasn’t.
3. Americans on the mainland hold Puerto Rico’s debt.
4. Puerto Rico matters for 2016. Just ask Jeb Bush.
5. What’s happening in Puerto Rico reflects the wider evisceration of the American middle class.