Mikeoxenormous
Diamond Member
Puerto Rico declares bankruptcy. Here's how it will unfold
The oversight board appointed to lead the U.S. territory back to fiscal sustainability declared in a court filing that it is "unable to provide its citizens effective services," crushed by $74 billion in debts and $49 billion in pension liabilities.
Puerto Rico has lost 20% of its jobs since 2007 and 10% of its population, sparking an economic crisis that worsens by the day.
This is just the start, once Californication and NYMexico, start declaring bankruptcy, the cascading effects will continue. It is the liberal way, to make everyone "EQUAL". Everyone will be equally poor and equally miserable, just look at how well liberalism worked for Venezuela.The island's response has worsened matters. Politicians raised taxes, allowed governmental bureaucracy to balloon, borrowed to pay the bills and promised pensions that the island could not afford.