Why Is Puerto Rico In So Much Debt? - Explained In Less Than A Minute

[@Ironclad601]

Puerto Rico economics issues started early in the 1900s when the US appointed politicians destroy the agricultural industry of the island and developed a sugarcane monopoly. Then came the Jones act that gave these people citizenship so they could join the American army and fight during world war 1 but US politicians refused to treated Puerto Rico as a state or give them full rights. Then in 1920 the US imposed the Jones maritime act which had increased the prices of imports, oil, shipping and everything sold in Puerto Rico. But one of the biggest issues is the culture of dependency created by US federal programs (food stamps, wic, section 8 etc..) to combat poverty which have done more harm than good in the island. Today 40% of the population depend on welfare and only 40% work. Then we have the divisions created by the political status issue. Puerto Rico has very few tools to overcome this crisis because the US government control their trade, laws and politics. The best option for Puerto Rico is to become independent.

[@andith]

If you are so unhappy, what are you doing in the USA? What about the freeloader aliens who arrive along the coasts to be a public burden on the island and drain the government resources from Dominican Republic queen of food stamps and welfare and brothel of the Caribbean who proved by statistics come to live at tax payers expense including Puerto /ricans on the island.

[@osvaldo4696]

The problem is the colonial status, with statehood it adds an extra debt for the federal government, keeps the high costs from the Merchant Marine Act and two different kinds of people together with different interests and views that would be seen in the political area won’t benefit the US government and it’s people. The best solution is give independence, if you believe this and you live in the US mainland then you can help out

[@pu-m3451]

What we need is FREEDOM!!!

[@atownshawtypimp1]

Yes, their lack of political power is making them suffer

[@gmann2101]

I think "tax loophole" implies the wrong thing. The Puerto Rican bonds that were the main source of the island's revenue after the recession. The bonds were (and I believe still are) triple tax exempt meaning bond holders didn't have to pay City, State, and Federal taxes on the money the got back, this was on purpose and made the Puerto Rican bonds highly sought after. More over I'd argue that the emigration we're seeing from PuertoRico is not due directly to the taxes like the merchant marine act making cost of living too high but because a lack of jobs and opertunites are making living on the island less possible. Just look at the unemployment rate on the island compared to any other state or territory, Puerto Rico currently has a 12.5% un employment rate, nearly double that of the second highest rate (New Mexico) at 6.8%. I think it would be easier to fault the loss of American companies on the island (Thanks in no small part to the loss of 936) that was referenced at the beginning of the video than to claim taxes have driven away the residents because if anything the Puerto Rican Goverment has done it's fair share of heavy handed tax moves with the 7% sales tax on products that are already taxed 7% when coming out of the docks (and residents do have a say in those matters).

[@hortyrexach6460]

... and here you have it!!

[@tonysantana6747]

No more Jones act..!!!

[@TheDonFB]

Why Is Puerto Rico In So Much Debt? GOVERNMENT SPENDING

[@Darke_Exelbirth]

***** Loans do not help the middle and lower class, it just gives them more expenses, pushing them further down the ladder. Investing in a business to help it grow also does not generate wealth. Tell me, would you sink tens of thousands of dollars into a business that there is no market for? For example, Radio Shack? Yes, the rich get rich by having their money work for them, but they are the only ones who get rich by doing that, because the money is working specifically _for them_, not _for the nation._

[@Darke_Exelbirth]

***** Did you learn nothing about how the banks work to keep interest rates high? Did the reason for the 2008 recession just completely evade you? You need to get your face out from between the ass cheeks of the rich and pay attention to the world around you. And no, loans don't create income for people. They create debt. You have to pay that money back, plus interest, and if you can't, you lose everything. You must have failed economics class, because only someone who doesn't understand economics at all can view going into massive debt as a good thing.

[@Darke_Exelbirth]

***** Yep, you're shit at economics alright. You also don't seem to understand how little money people make.

[@mindy2215]

This is why: Inept governors and vultures from Spain. kzbin.info/www/bejne/anmuqKVmjL56iNE

[@raulcruz6601]

Puerto Rico's debt explained in one second, Washington and Wall Street

[@frankdiaz6955]

Raul Cruz So borrow billions and it’s “banks” fault?

[@solja5236]

@@frankdiaz6955 leftist logic 🤦🏾‍♂️

[@andith]

The Bank of Santander, inept governors and the avalanche of freeloader alines along the coasts from DR the ignominy country who are a big public burden. kzbin.info/www/bejne/anmuqKVmjL56iNE

[@aarononeal9830]

Grant portroco state hoid

[@ButterHaus420]

Well we gave them the chance to become a state and they said no.

[@edwnx0]

Ugly Pyro Because a lot of people want independence.

[@AndresRodriguez-dk9rs]

+Edwin Contreras we have an agreement with them Where if they want to be independent or a state they could, but they choose to be a province. (Are they a province or is it something else?)

[@ButterHaus420]

Andres Rodriguez Their a territory.

[@edwnx0]

Andres Rodriguez It's a very divisive issue in the island.

[@ButterHaus420]

***** Not wasting my time reading this.

[@CryingFre]

Not explained at all.

[@that_pac123]

I wish they became a state when the opportunity was wide-fucking-open! It would have been aaawwweeessssoooooommmmmmmeeeee!!!

[@AndrewRusherOfficial]

that_pac12 They voted to become a state & congress didn't admitted them

[@mindy2215]

@@AndrewRusherOfficial The difference between ELA and statehood was so light that the congress would not know whether they really wanted it or not.. The second round to seal what they wanted, only 33% wen to out to vote, and not everybody voted statehood.

[@youawake6961]

You guys should speak about Haiti, Jamaica and Canada too. Just suggestions on more countries to talk about.

[@scirrhia_kruden]

Puerto Rico isn't a country.

[@jit2274]

a significant part of the Canadian economy comes from selling oil, mainly to the United States. So the low oil prices are right now are hurting the economy there.

[@jit2274]

a significant part of the Canadian economy comes from selling oil, mainly to the United States. So the low oil prices are right now are hurting the economy there.

[@jit2274]

a significant part of the Canadian economy comes from selling oil, mainly to the United States. So the low oil prices are right now are hurting the economy there.

[@jit2274]

a significant part of the Canadian economy comes from selling oil, mainly to the United States. So the low oil prices are hurting the economy there.

[@ernestovasquez2274]

Why'd usa is in trillion of dollar to order country

[@zarellejohnny]

Blame U.S. Imperialism

[@Niosus]

I'm pretty sure the cost of living isn't infinitely higher... Infinity is pretty big... Don't use mathematical words unless they actually apply. It's like people who call anything above linear growth "exponential growth". All these terms have very specific meanings...

[@BoogsterSU2]

Grant Puerto Rico statehood. Problem solved.

[@eN3RD]

Boogster Su And take on their debt? No thank you

[@eN3RD]

***** Its not that we can't, we just don't want to because we have no interest

[@AndrewRusherOfficial]

eN3RD Puerto Rico's debt is just on Puerto Rico.

[@eN3RD]

Andrew Rusher Debt doesn't just disappear. If we annex Puerto Rico we annex Puerto Rico. All of its problems become ours, their ridiculous unemployment, debt, crime etc. Now i am not saying we can't do it, but they have nothing there that will benefit us. Not to mention we would have to design a new flag

[@AndrewRusherOfficial]

eN3RD Puerto Rico's unemployment, debt, crime etc won't do anything to the other 49 states. The US flag already has a 50 star flag with only 49 states in the union

[@jonathanditren7671]

you all ignorant, big time, how you dare to put my flag with this message. be ashame.

[@cristianelizondo8575]

Puerto Ricans are my least favorite type of Mexicans ~Donald Trump

[@reyrivera119]

Donald Trump is my least favorite type of shit. ~Me (Btw..he didn't actually say that. I know he's stupid but I don't think it's to that extent.)

[@cristianelizondo8575]

+Rey Rivera I know he didn't, just thought I would be funny

[@pu-m3451]

Hi there. I'm Puerto Rican and I have never been in Mexico. Ur talking nonsense, kid. ~Me

[@PURPLEPANTHERGIRL]

Stop spending.