Puerto Rico is having an unprecedented financial crisis. And the future of the US Commonwealth is at a turning point. While organizations such as the Center for Individual Freedom are pouring millions of dollars of “dark money” into their TV campaign against Puerto Rico, (which you may have seen on CNN), economists are weighing in on the issue.
I have copied this piece from the website https://waragainstallpuertoricans.com . It is a quick easy read. For more detailed information, please follow the link at the end of the article.
The U.S. government is preparing to impose a “Financial Control Board” over Puerto Rico. This “Control Board” will manage the economy and government of Puerto Rico…from Washington, D.C.
This is the equivalent of a landlord who charges you monthly rent, and manages your personal checking account…from 1,500 miles away. It is the way you treat a five-year old child, who is utterly incompetent to manage their own affairs.
This Financial Control Board will be imposed because of an alleged “public debt” of $73 billion, and because Puerto Rico is allegedly sponging off of the American taxpayer…sucking more revenue and value from the US, than it returns to the mainland.
But nothing could be further from the truth.
In Puerto Rico, on the top-rated TV show El Circo de La Mega, an economist named Rosario Rivera Negrón explained it very clearly and graphically.
Mr. Rivera Negrón is not just “any” economist. She is President of the Association of Puerto Rican Economists, and a full professor at the University of Puerto Rico, in their Cayey campus. She also has a Ph.D. in Economic Development.
With detailed facts and figures, all on a large chart, Prof. Rivera Negrón demonstrated one powerful fact: that in a typical year (2008), the Puerto Rican economy received a total of $4.6 billion in U.S. federal dollars, while contributing $71.6 billion dollars to the U.S. economy.
In other words, in 2008, Puerto Rico contributed $67 billion dollars more to the U.S economy, than the U.S. did to Puerto Rico!
This is the complete opposite of the popular myth, that Puerto Rico is living off the backs of U.S. taxpayers.
Given this reality – that Puerto Rico contributes far more to the U.S. than it receives in return – it is difficult to see why the island should owe a $73 billion “public debt” to the US.
If anything, the US should be paying $73 billion to Puerto Rico!
I would like to thank Ana Betancourt for inundating me with links to information on this topic. If it had not been for her, this vital issue might not have even been on my radar.