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Tuesday, May 09, 2017

Puerto Ricans Face ‘Sacrifice Everywhere’ on an Insolvent Island

SAN JUAN, Puerto Rico — Angel González, a retired schoolteacher facing a 10 percent cut to his pension, is beginning to wonder whether his three-person household will have to cut back to one cellphone and take turns using it.

Santiago Domenech, a general contractor with $2 million of his savings tied up in bonds Puerto Rico just defaulted on, once had 450 employees. Now he has eight. His father-in-law, Alfredo Torres, owns Puerto Rico’s oldest bookstore, but it has been going downhill for two years.

“The government is bankrupt,” said Bernardo Rivera, 75, a private bus driver who sometimes earns only $40 all day. “Everyone is bankrupt. There is nothing left. People who do not have jobs do not take the bus to work.”

These are some of the voices of Puerto Rico’s business owners, retirees and public servants who are caught in the middle — they would say the bottom — of the largest local government insolvency in United States history. Faced with a $123 billion debt it cannot pay, Puerto Rico filed for a kind of bankruptcy protection on Wednesday, a move that sent shivers down the spines of everyone from bond holders fearful of staggering losses to street sweepers and public employees whose already meager paychecks are likely to dwindle.

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11 comments:

Anonymous said...

keep borrowing to pay for things and this happens
coming soon to a state/county/city near you

Anonymous said...

Glad I don't own any property there. The worst thing is they are considered us citizens and will all come here.

Anonymous said...

They are regularly electing left-wing liberal nuts that give away everything...they're also supported by the American mainland dumbocrats!

No statehood for you - especially since you stopped allowing our pilots to practice their skills in Roosevelt Roads!

We should let you be independent - then we can kick out more illegal aliens that are sending money to that pit!

Anonymous said...

Another failed liberal progressive state

lmclain said...

See what happens when POLITICIANS spend money?

I wonder.....do their politicians have any of THEIR money in bonds?

Anonymous said...

Anonymous Anonymous said...
Glad I don't own any property there. The worst thing is they are considered us citizens and will all come here.

May 9, 2017 at 4:38 PM

Yes, that is correct. Everyone in each US STATE is considered US CITIZENS, and are free to travel to each and every OTHER STATE.

But have no fear good and kind person, I do not think ANY of them will enter your abode.

Anonymous said...

Ever been there? they are the laziest people on the planet. No, maybe St. Thomas is.
Whenever a population becomes dependent on the government, this is what happens. We have a large portion of our population that acts the same way. If it wasn't for the working class, our entire country would be like Puerto Rico.
When I go to the islands, I only use St. Thom or San Juan as pass-thru's. Terrible places to stay.

Anonymous said...

Umm, like it's not a state, it is a territory. They make great neighbors. You should let them live with your family.

The homicide rate of 19.2 was significantly higher than any U.S. state in 2014. Most homicide victims are gang members and drug traffickers with about 80% of homicides in Puerto Rico being drug related.

Anonymous said...

Turn this island country into a playground for adults, legal gambling, brothels, marijuana use, in other words, make it the new Amsterdam!

This will end all of their money problems in a year!

Anonymous said...

The only place worse in the Caribbean is Haiti.

Unknown said...

Anonymous Anonymous said...
Ever been there? they are the laziest people on the planet. No, maybe St. Thomas is.
Whenever a population becomes dependent on the government, this is what happens. We have a large portion of our population that acts the same way. If it wasn't for the working class, our entire country would be like Puerto Rico.
When I go to the islands, I only use St. Thom or San Juan as pass-thru's. Terrible places to stay.

May 9, 2017 at 7:43 PM

I've been there as well as other islands. I've never noticed the problems you and others claim. Not saying it's not true, I've just never noticed. I have noticed a couple of islands that have turned rude compared to previous visits. I contributed that to Americans going there too much and ruining it. Not sure if that's true or not just my opinion.

I have read stories about drugs in PR, as well as some discussion about the CIA being involved with it. The CIA gets accused of that a lot, starting from the Viet Nam war that I am aware of.

I have always thought PR was a beautiful island and enjoy going there, as well as the friendly people I encounter there. It has been several years since I have been there so maybe it has changed. One island I have been to once and never wish to return to is Jamaica. Those people I have found to be extremely rude and I was constantly asked if I wanted to buy drugs.

I guess everyone might have a different experience but that is mine.