Benign neglect! Indeed … Really “It’s only Chinatown”!! Squeeze & squeeze, then let go.
An editorial from The New York Times.
Puerto Rico is in trouble, after years of bad policies, mismanagement, excessive debt and bad luck.
Its economy has been shrinking or stagnant for a decade and theunemployment rate sits at nearly 12 percent. The commonwealth and its utilities have a debt of $73 billion, its public pension funds are woefully underfunded and one state agency has warned that the government could be forced to shut down soon because it might run out of money.
Lawmakers in Washington and San Juan need to come up with a plan that addresses the financial and economic problems of the territory, which is home to 3.6 million American citizens. The island’s difficulties also affect investors in the 50 states who own the tax-exempt bonds issued by Puerto Rico’s government and utilities.
Once a growing manufacturing center, Puerto Rico began a long decline in…
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