Posted on 04/07/2017 4:37:47 AM PDT by Olog-hai
Nobel economics laureate Joseph Stiglitz criticized Puerto Rico’s new fiscal plan on Thursday, saying that its “draconian” austerity measures are the worst he has ever seen and could plunge the U.S. territory into an even deeper depression.
The former chief economist and senior vice president of the World Bank spoke to a gathering of more than 1,000 people in San Juan.
Stiglitz said the 10-year fiscal plan approved last month by a federal control board created by U.S. Congress is based on the wrong principles and erroneously puts creditors first. […]
Puerto Rico is preparing to implement austerity measures that include cutting millions of dollars in government spending and to restructure some $70 billion in public debt. On Thursday, Gov. Ricardo Rossello announced he had reached a tentative deal with bondholders to restructure $9 billion of the debt held by the island’s public power company, a significant step in helping turn around a decade-long economic crisis. …
(Excerpt) Read more at hosted.ap.org ...
Anything other than total state socialism is described as “austerity”, a terrible thing!
Let them sell off their waterfront property to pay off their debt.
‘The fault, dear Puerto Ricans, is not in your stars, but in yourselves.’
And then what, a Chinese satellite off our shores?
They need to be slapped into free markets and clean government—without us bailing them out again.
Massive debt + that will never be repaid + no way to default = deeper depression
Can I get my Nobel Prize for economics?
Amazing, isn’t it? If Puerto Rico did things correctly, it would have huge retirement communities of US citizens. Why the heck isn’t anyone thinking along those lines?
Dear Grania,
PR allows its citizens to act out out their “Inner Latrino” because they have a poor grasp of freedom /security of person and property.
Just as ugly goes clear to the bone, a lack of willingness to live by the Founding Documents is a form of cultural/governmental rot which likewise goes to the core of the body politic.
Those wise enough to accumulate money to retire by the seashore are wise enough to look at PR and decide NO WAY, JOSE!
The government of Puerto Rico has been running a Ponzi Scheme for years.
A Ponzi Scheme can’t run without willing investors at the start.
They know it’s a Ponzi Scheme, but they also know that the first ones in to a Ponzi Scheme are going to be richly rewarded. They are the Shills.
It’s the last investors in the Ponzi Scheme who get hurt.
Find the early investors (politicians) and confiscate everything they have.
They’re only hope and one they are pursuing is statehood which would make (they think) economic benefits available. GOOD LUCK WITH THAT...
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Stiglitz said the 10-year fiscal plan approved last month by a federal control board created by U.S. Congress is based on the wrong principles and erroneously puts creditors first. […]
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Why, we all know the banks the social parasites (but I repeat myself) of welfare should be at the head of the line.
I mean, look how well that worked out for GM and the 2008 fiasco...Wait /s
If they can't figure that out, there's no way PR will ever have a successful economy, society and government.
Were we to expect them to get better? They haven’t done anything yet, have they?
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