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Valued Social Butterfly
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Re: Puerto Rico enters bankruptcy

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 I was listening to NPR today on my way home from a shopping trip. The man speaking was a government official from Puerto Rico. He said that because the government had allowed Puerto Rico to fail, these people would now be coming back to the American mainland. He said that the cost to the United States government  to have kept Puerto Rico solvent was roughly 2 dollars per day, per person. Now that Puerto Rico has been allowed to fail and these people are coming back to the United States, the speaker indicated that the cost to the American government per person would now be four dollars. Another break move on the part of our government. 

Gee, I miss having a real President!!
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Valued Social Butterfly
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Re: Puerto Rico enters bankruptcy

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Too bad for those investors, many of them are people and pension fund holders, who just could not resist the amount of interest being paid on those bonds for this debt - now will get just pennies on the dollar.

 

Now it will be all of us taxpayers who will have to bail them out.

 

Heed this people who want our government debt to keep rising - (some) states and the federal government.

 

Puerto Rico is now closing schools, many of the tax paying citizens have already evacuated to the mainland.  

 

They have closed hospitals because there is not enough staff left to keep them open.

 

We just bailed out their Medicaid program too.

* * * * It's Always Something . . . Roseanne Roseannadanna
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Treasured Social Butterfly
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Puerto Rico enters bankruptcy

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I had a relative who once declared bankruptcy and it was not fun, pretty, or an easy way out. The same will be true for Puerto Rico. They got the same deal the District of  Columbia got a while back.  Debt relief in exchange for imposed fiscal responsibility.  The only good news is that they can now start dealing with the multitude of creditors and opposing positions in a structured manner tightly supervised by an outside board of experts.

 

Nobody is celebrating the pain will be equally distributed among creditors, public-employee pensioners, and bloated government agencies. Drawing on the experience of my relative, this will be hanging over PR for more than a decade but it was the only path to resolve the competing issues and limited resources. 

 

 

 

 

https://www.washingtonpost.com/opinions/puerto-rico-has-officially-gone-bankrupt-in-a-way-thats-good...

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