patrick.net

Couldn't Trump advise them here?

One ten-figure, one eight-figure and two nine-figure bankruptcies make him the best qualified to help them stiff creditors, welsh on deals.

How do they have problems? There's no diversity or immigrants there.

Or are they in a sense, all immigrants?

What do patnet's racial theorists say?

I know several Puerto Ricans that are very discouraged. One guy his father still lives there, and he went to see him last year. He said he saw the affects of this crisis.
He said he can't see how they will ever pull through and be the PR that it once was. He said all of the Business people, professionals and most white collar workers has moved to America.
Then you had Hillary telling what was left for them to come to Tampa to live and vote at the Florida Tampa campaign stop.
Puerto Ricans have the right to vote because they are Territory or ours.

PR is a failed state with so much potential. Wonder what went wrong?

Strategist says

PR is a failed state with so much potential. Wonder what went wrong?

Bloated public salaries and pensions. High cost of doing business when compared to other islands in the area due to costly federal government regulations.

zzyzzx says

Strategist says

PR is a failed state with so much potential. Wonder what went wrong?

Bloated public salaries and pensions. High cost of doing business when compared to other islands in the area due to costly federal government regulations.

Ah...the usual suspects.When will they learn?

More from Wikipedia:
https://en.wikipedia.org/wiki/Puerto_Rican_government-debt_crisis

The local government has proven to be highly inefficient in terms of management and planning; with some newspapers, such as El Vocero, stating that the main problem is inefficiency rather than lack of funds.[ac][ad] As an example, the Department of Treasury of Puerto Rico is incapable of collecting 44% of the Puerto Rico Sales and Use Tax (or about $900 million USD), did not match what taxpayers reported to the department with the income reported by the taxpayer's employer through Form W-2's, and did not collect payments owned to the department by taxpayers that submitted tax returns without their corresponding payments.[ae][31][32] The Treasury department also tends to publish its comprehensive annual financial report (CAFR) late, sometimes 15 months after a fiscal year ends, while the government as a whole constantly fails to comply with its continuing disclosure obligations on a timely basis.[33][af] Furthermore, the government's accounting, payroll and fiscal oversight information systems and processes also have deficiencies that significantly affect its ability to forecast expenditures.

Quite frankly, it's as if the place was run by Greeks.

https://en.wikipedia.org/wiki/Puerto_Rican_government-debt_crisis

The Legislative Assembly, together with the governor, also reduced operating deficits, and reformed the public employee's, teacher's, and judicial pension system.

Which implies that the pensions are bloated.

Everyone humps in America,
Bodies are plump in America,
There are no grumps in America,
And that includes Trump in America!

Strategist says

PR is a failed state with so much potential. Wonder what went wrong?

https://www.wsj.com/articles/more-puerto-rico-agencies-enter-bankruptcy-1495463930

More Puerto Rico Agencies Enter Bankruptcy

Pension system, highway authority placed under court protection

The federal board overseeing Puerto Rico’s financial rehabilitation is enlarging the U.S. territory’s court-supervised bankruptcy, placing its nearly depleted pension system and its transportation agency under court protection.

The Employees Retirement System, known as ERS, and the Highways and Transportation Authority, known as HTA, entered a debt-restructuring process that amounts to municipal bankruptcy Monday in the federal court in San Juan.

Those two systems are now under a federal debt-adjustment law known as Title III alongside the Puerto Rico government and its sales-tax bond issuer, known as Cofina . U.S. District Judge Laura Swain Taylor, who is presiding over the cases, held the first court hearing on the government’s case last week.

“This is part of a court-supervised process within a framework that provides for an orderly restructuring of the debt of each entity and allows as much creditor consensus as possible,” said a spokesman for Puerto Rico’s fiscal agency.

The pension system’s bankruptcy has implications for hundreds of thousands of government retirees and pensioners who are up against bondholders in the renegotiation of Puerto Rico’s debts. So far, the oversight board has signaled it wanted more of the restructuring burden to fall on financial creditors compared with retirees, proposing a 10% cut in pension benefits while allocating less than a quarter of the debt service owed for the next 10 years.

Estimates vary as to the size of the gap between what the pension fund’s assets and its promises to its beneficiaries, but Puerto Rico projects the unfunded liability at roughly $45 billion, the product of years of deficient funding by government employers. ERS also owes $3 billion to bondholders. The highway agency owes roughly $6.3 billion in debt, including $1.8 billion to Puerto Rico’s insolvent industrial development bank, according to the oversight board.

Puerto Rico and its agencies owe roughly $73 billion in bond debt, dwarfing the roughly $9 billion owed by the city of Detroit when it entered what was previously the largest municipal bankruptcy in 2013.

The bankruptcy proceedings are the culmination of years of economic distress and heavy borrowing that has more recently pitted Wall Street creditors against local officials struggling for fiscal flexibility. Creditors are also battling each other for top priority.

BlueSardine says

And that includes Trump in America!

The plumb part does.

Well, if they insist on flying their own flag at the Olympics, and most Ricans do not pay Federal Personal Income Tax, they can fly their own bailout.

Of course, now that they are bankrupt, they vote for statehood with something like only 23% of the electorate actually bothering to show up to vote. Everybody knows it's all about the money, but if this makes national news, the media will conveniently forget all about that.

Yep, Now, do we current citizens get a chance to reject Puerto Rican Statehood?

Before they were bankrupt, they voted for the "In for most of the benefits, Out for most of the responsibilities" option of semi-independence.

Let's celebrate Puerto Rico, the newly independent country that owns it's own debt!

Liberals in the coming weeks: "Without Puerto Rico, our high tech economy will collapse"

You guys have obviously never tasted fresh island conch empanadas, roasted pernil, pinchos, or boricua chocha.

Failed Losers!

We need to make Puerto Rico a state to make Cleveland and Detroit look good, again!

zzyzzx says

Of course, now that they are bankrupt, they vote for statehood with something like only 23% of the electorate actually bothering to show up to vote.

TwoScoopsMcGee says

Yep, Now, do we current citizens get a chance to reject Puerto Rican Statehood?

We don't need another loser state like California, Michigan, Mississippi and Louisiana sucking up all the tax money.

HydroCabron says

How do they have problems? There's no diversity or immigrants there.

The Caribs and other Indian tribes were vanquished. African slaves were brought in. That massive fort in San Juan kept out the pesky Brits and hence the folks speak Spanish. Although the CIA fact book says the island is predominately white, it ain't Anglo/Dutch or even Teutonic, but likely Spaniard mutts and the bastard offspring of any non-white female those randy bastards could fuck.

Blurtman says

it ain't Anglo/Dutch or even Teutonic, but likely Spaniard mutts and the bastard offspring of any non-white female those randy bastards could fuck.

Blame it on the rum.

Ceffer says

Blame it on the rum.

Blame it on the Bosa Nova.