Tuesday, May 31, 2016

Puerto Rico Bailout

So Puerto Rico is in trouble.  They spent so much money on welfare programs and government spending that they are going bankrupt.  Their response was to hire more government workers, 300 in fact (Fox News is the source of this information).  Right now in Washington D.C. they are deciding if they are going to try and bail out Puerto Rico.  My response is "hell no".

Some of you are wondering why we should not bail Puerto Rico out.  Simple answer is that we did not cause the mess.  Puerto Rico is a self-governing territory of the United States.  So while its citizens double as U.S. citizens, it is effectively a completely different government and has sovereignty over itself.  Would the United States bail out another country like China or Britain?  Well.....yea ok they would, however that is the problem.  My country the United States has bailed out multiple countries multiple times in the continent of Africa, and around the world by forgiving their debts to us or giving them money.  You could say the United States is too darn generous.  Now we owe over 18 trillion in debt and no country is forgiving our debt saying "no need to pay us back, we cool".  Not happening.  So what does this have to do with bailing out Puerto Rico?  It is the line in the sand.  No more bailouts, debt forgiveness or anything.  Clean up your own financial mess as you are the one who caused it.

Conclusion:  I sympathize with the Puerto Rican people as I have family who are from Puerto Rico.  They are going to have a rough time once the Puerto Rican government files for bankruptcy.  But it is time Puerto Rico, and even my home State of New York who also has its debt worries, cut the fat in government, cut unnecessary laws that hinder growth, and ultimately take care of itself.  


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