Puerto Rico as a Spanish-speaking, Democratically governed U.S. possession, is bankrupt. It can no longer borrow enough to subsidize its citizens at the level its politicians have promised. It must now repay those borrowings and lacks the resources to do so. That was never a secret, but politicians aren’t elected by promising reality. Reality famously, sucks.
Now, an election year, the Puerto Rican Democratic politicians must obtain U.S. help or default on their debt since it is more than they can repay. Democrats, who have run up similar debt on the mainland, want to bail the island out. Republicans who know that money to bail would have to be borrowed, do not. Orr so they say.
But note that in 2008, the Republican Bush Administration bailed out the U.S. Auto industry, losing some $9.26 B in the process. Note too that State and Federal millions have been dumped into the so-called Detroit bankruptcy, another Democratic satrapy.
Where does all this money originate? With the taxpayers, of course. Government help is always taxpayer money; governments make no money; they only take it. From taxpayers; they have no other source available. Which explains why reality sucks, if you can stop agonizing over needy victims long enough to understand.
Please note that the advertised victims are i fact, needy. That is no illusion. The illusion is that depriving the less needy in the favor of the more needy will improve matters. The human condition is statistical, there are always some who fail at the tail of the distribution with others succeeding greatly at the opposite end. Some live, some live very well and some die. But that’s not politically correct, is it? We all have to be the same. And politicians are always ready to promise that.
But they can’t deliver such unreality. Never mind, vote for them anyway. And dump them for Bernie or the Donald when the bills come in. That’s never worked before so it should this time, right?
Just as government bailouts have always ended at the taxpayers’ door before, but we are promised that Puerto Rico will be different. Sure.
The bailout legislation creates a supervising body to actually do the work. Watch and see who ends paying the Puerto Rico piper in the end…. After it’s no longer news.