Good day all. Recently, Puerto Rico basically defaulted on it’s debt. For all intents and purposes, the territory is bankrupt. Now, Obama wants to bail them out with massive amounts of Taxpayer funds.
For those who don’t know, Puerto Rico is a territory of the United States. We “acquired” it as a spoil of war from the Spanish/American War in 1998. We’ve been trying to figure out what to do with it ever since. Citizens of Puerto Rico are also considered full American citizens with all rights and responsibilities all Americans have.
However, since they aren’t a state, they have a bit more autonomy. This allowed them to set taxes and spending as they wished. The upshot? When the economy went south, so did Puerto Rico. The government didn’t adjust their spending, and they also had some problems with corruption. Now they are some $70 billion dollars in the hole. They have been seeking a bailout from Washington, and now Obama is all for throwing money at them. Here are some of the details from Associated Press:
The Obama administration on Thursday will take a blueprint for the economic rescue of Puerto Rico before a Republican controlled Congress dedicated to driving down government spending. The administration said that it needs the cooperation of Congress to prevent an economic disaster in the U.S. territory, which is mired in a years-long recession.
I hate to be the one to tell Der Fubar, but the disaster is already happening down there.
U.S. Treasury Secretary Jacob Lew, along with National Economic Council Director Jeff Zients, and Health and Human Services Secretary Sylvia Mathews Burwell, released a joint statement late Wednesday imploring Congress act.
Oh this should be entertaining.
The administration said it has done all that it can to help Puerto Rico through its crisis.
Really? Like what? I don’t recall seeing anything on any news site or channel regarding the self promoters in the Obama Regime talking about how wonderful they are as they “helped” Puerto Rico. This is probably due to them doing essentially nothing. They also have a problem in that Congress is the one who has to approve all this, not King Putt. (No matter how much he wants to wave a hand imperiously and issue royal decrees)
“Only Congress has the authority to provide Puerto Rico with the tools required to lay the foundation for the Commonwealth’s recovery, and Congress must act,” the joint statement read.
And what might those tools be? I have a few ideas, but they aren’t what Il Douche and his court of clowns would consider.
The administration proposed a four-step program that calls on Congress to approve restructuring of Puerto Rico’s debt burden and then provide oversight for a credible recovery plan. The plan also calls for reforms to Puerto Rico’s Medicaid program.
Reforms to Medicaid? Isn’t one of the problems with Puerto Rico and a number of other bankrupt states, (California, Illinois, New York), exploding Medicaid expenses?
In addition to debt restricting, the administration said Congress needs to approve reforms to the island’s Medicaid program for poor people to provide better access to healthcare and also provide low-income residents of Puerto Rico with access to the Earned Income Tax Credit.
Oh I get it. Force everyone into Obamacare and then give them lots of welfare. In fact, it sounds a lot like Obama wants to set up a true “Welfare Island” right out of the Larry Niven/Jerry Pournelle CoDominium series. How typical for that SCoaMF.
Personally, I have a better solution. Over the decades, there have been several votes by Puerto Rico on whether or not they would become a state, remain as they are or go for full independence. They have always voted for the status quo. How about we give them a nice Christmas present and tell them to shove off? Give them full independence and tell them good luck and good bye. I think that would be a better deal than handing over $70 billion dollars for them to blow…again.
Thatisall
~The Angry Webmaster~
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