With a Congressionally appointed federal control board about to take over Puerto Rico’s finances, the U.S. territory just admitted that its massively spiked public pension plan owes another $43 billion.
Designated by the United Nations as the “Oldest Colony in the World,” the U.S. territory defaulted on $70 billion in municipal bonds and $2 billion of interest on July 1. Unable to file for bankruptcy under federal Chapter 9 Municipal Bankruptcy Law, like the State of Arkansas did in 1933, Puerto Rico looked to the federal government for help.
The Obama Administration teamed with a bipartisan majority in Congress to pass”The Puerto Rico Oversight, Management and Economic Stability Act” (PROMESA), which turned over the island’s finances to a federally appointed committee.
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2 comments:
Sell that crap hole off to the Russians, or China.
We have enough problems with Politians running our states into bankruptcy that we should not be responsible for territories. They can retire earlier than a US citizen and Politians expect us to pay for their laziness and work longer while they retire at 50.
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