Moving closer to home the "It All the Bankers' Fault" morality play is about to open in Puerto Rico. The island territory of the U.S. whose chief livelihood is food stamps, is on the hook for $72 billion which is about equal to its entire annual economic output. "The debt is un payable", intones Governor Alejandro Garcia Padilla.
Son of bitch! Who would have thought that? Unlike most of the states, Illinois and California excluded, Puerto Rico did not trim its budget in reaction to Obama's great recession. Instead it followed the Detroit model with about the same result.
So what's a politician to do with a territory that can't manage its assets? Make them a state. That' Jeb Bush's solution.
"Puerto Rican citizens, U.S. citizens, ought to have the right to determine whether they want to be a state. I think statehood is the best path, personally," he said at Universidad Metropolitana de Cupey in San Juan. "I have believed that for a long, long while. I'm not new to this."Right Jeb, that's all the country needs is one more blue state that can't pay its bills. Insist on Puerto Rican independence instead of Puerto Rican dependency.