A bombshell report from the government of Puerto Rico has revealed that, by April 2017, the island will be worse than bankrupt – it will have a deficit of $68 billion, a “debt” of $72 billion, and a complete inability to meet its pension payments.
This means that 180,000 retired teachers, and every other government retiree, might no longer receive any pension payments…
The 300-page report was submitted to the Financial Control Board (FCB) and was immediately reported in the island’s press.
The report also states that all retiree medical plans may be suspended, and for the same reason…the absolute lack of funds.
Governor-elect Ricky Roselló announced that he will “protect the public pension system” by installing “public private partnerships” (P3s) throughout his government, that will spin off some immediate funds.
This “P3” expedient is precisely the one which the Financial Control Board has been pushing for the past few months. Unfortunately, the short-term relief from these P3s will carry a long-term-cost…the privatization of the island’s public infrastructure.
In the long run this “privatization” will mean higher costs, and fewer jobs, for the island as a whole. In effect, Gov. Roselló is planning to mortgage the island’s future, and lease it to US banks, as a quick fix to make himself look good.
This “kick the can down the road” approach is precisely the one that cracked – and ultimately crashed – the island’s economy. Yet here comes a new smiling governor, doing the same thing again.
Not one word from this new “governor,” about removing the Jones Act from Puerto Rico.
Not one word about tax incentives for Puerto Rican small businesses, rather than for US billionaires.
This is what Puerto Rico elected into the governor’s mansion.
For a history of the War Against All Puerto Ricans, read the book…
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