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New Discovery! 2023 Hottest in over 120 Million Years 2024 and beyond in prophecy Questions This Speech Just Broke the Internet Status: Not Logged In; Sign In International News See other International News Articles Title: Time to free Puerto Rico as it asks for relief of $72 Billion in debt from US Taxpayers Source: latimes.com URL Source: http://www.latimes.com/nation/la-pu ... ernor-says-20150629-story.html Published: Jun 29, 2015 Author: TRACY WILKINSON Post Date: 2015-06-29 20:08:18 by Pericles Keywords: None Views: 2601 Comments: 34 If it was not for fear of Puerto Rico becoming another Soviet ally like Cuba, the USA would have freed that island long ago. Now we are stuck with a welfare island whose welfare taking citizens can just come to the USA with an American passport. But because of Hispanic politics and maybe lingering love of empire from the Military Industrial Complex, no American politician dares promise to free Puerto Rico. What would Puerto Rico do? Refuse to leave being a colony? That would be a first. At least under the old system Cold War, Puerto Rico made money for American businesses as a plantation island and as a steam ship era naval base. http://www.latimes.com/nation/la-puerto-rico-can-t-pay-its-public-debt- island-s-governor-says-20150629-story.html Puerto Rico staggers under $72 billion in debt; governor asks for help Post Comment   Private Reply   Ignore Thread   Top • Page Up • Full Thread • Page Down • Bottom/Latest Begin Trace Mode for Comment # 32. #2. To: Pericles (#0) Now we are stuck with a welfare island whose welfare taking citizens can just come to the USA with an American passport. The issue is with PR's energy department. About 85% of the debt is owed for and about imported petroleum as they have, quite literally, not much for themselves in natural energy supplies that have been exploited or otherwise cultivated for commercial use. Almost all of Congress agree to accept statehood for PR. With this "crisis," watch both PR/USA governments manage the economic uncertainty of past mistakes into viable statehood solutions. Anyone want to wager that PR becomes the next US state? buckeroo  posted on  2015-06-29   21:08:10 ET  Reply   Untrace   Trace   Private Reply   #13. To: buckeroo (#2) "About 85% of the debt is owed for and about imported petroleum ..." Debt is fungible. You can't simply assign a specific expense and blame everything on that. For example, maybe they could pay for their imported petroleum if they spent less on government social programs for the parasites. From WSJ: "Puerto Rico’s problems date to the end of the Cold War, when the U.S. began closing military bases on the island ..." "The expiration of corporate tax breaks in 2006 prompted an exodus of pharmaceutical and other manufacturers, nudging the island into a deep recession. "As the economy worsened, migration to the U.S. mainland accelerated, further shrinking the tax base. Puerto Rico’s population has fallen 4.7% since 2010 to 3.5 million, a period when the U.S. overall grew 3%." "The economy, meanwhile, faces big structural problems. Sprawling bureaucracy and high electricity costs stunt business investment. Tax evasion runs rampant. Unemployment is high, at 12%, and fewer than half of all civilians are in the labor force, compared with around 63% on the mainland." "Economists say a bloated welfare state discourages work—the share of the working-age population on disability is nearly 50% higher than in the 50 states —while a minimum wage that is high relative to productivity and local income reduces job opportunities for young and low-skilled workers." misterwhite  posted on  2015-06-30   10:20:29 ET  Reply   Untrace   Trace   Private Reply   #32. To: misterwhite (#13) "The economy, meanwhile, faces big structural problems. Sprawling bureaucracy and high electricity costs stunt business investment. Tax evasion runs rampant. Unemployment is high, at 12%, and fewer than half of all civilians are in the labor force, compared with around 63% on the mainland." "Economists say a bloated welfare state discourages work—the share of the working-age population on disability is nearly 50% higher than in the 50 states —while a minimum wage that is high relative to productivity and local income reduces job opportunities for young and low-skilled workers." Except for the whole tax evasion thing, this would be a Progressive's Paradise. Relatively high minimum wage and low working population? Looks like America does have a bright future! TheFireBert  posted on  2015-07-01   3:36:23 ET  Reply   Untrace   Trace   Private Reply   Replies to Comment # 32. #33. To: TheFireBert (#32) unemployment is high, at 12%, and fewer than half of all civilians are in the labor force, A good illustration of why unemployment statistics are more than 50% significant baloney. VxH  posted on  2015-07-01 04:50:35 ET  Reply   Untrace   Trace   Private Reply   End Trace Mode for Comment # 32. Top • Page Up • Full Thread • Page Down • Bottom/Latest

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