The Puerto Rico governor wants the US taxpayer to bail them out. They are in debt for $72 billion because of no fault of ours. “We are out of cash; we need Congress to act”, the governor said.
Over the summer, Governor Alejandro Garcia Padilla said that Puerto Rico’s $72 billion in debts were “not payable.” He wants the federal government to apply bankruptcy law to Puerto Rico as though it were a state. Legislation to that effect is facing skepticism in Congress, especially from Republicans who say it would amount to a “bailout.”
Read more at Bloomberg, but, bottom line, we are now bailing out territories who don’t manage their money well.
Padilla wants a good deal. They want us to solve their problems with a new “structure”.
We can borrow from China to do it.
Is there any doubt the Democrats would bail them out to whatever degree they ask if they can since they vote?
Puerto Rico has continually borrowed more than they can pay because of the advantages of loaning to them. They are no different from the US in that regard.