Puerto Rico's Debt Crisis

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  1. IslandBites profile image87
    IslandBitesposted 2 years ago

    In a nutshell


    Things are ugly.

    What do you think of the GOP plans to create Promesa, a five-member control board — the Puerto Rico Financial Oversight & Management Board — that would not be subject to the control of the governor nor the Legislature. All members would be appointed by the U.S. president, and only two of them must reside or do business on the island.?

    Btw, congrats to our Lin Manuel (and thank you)!

    1. lions44 profile image96
      lions44posted 2 years agoin reply to this

      The premise of the Board is fine.  But I would require at least 2 members to either be a resident or from an organization/corp. that is heavily invested on the Island.  I know you have several big Pharma corps. on the Island.  What about having a couple of their board members? 

      Being from the Bronx, I know there's some prominent Puerto Rican biz leaders and pols that could sit on the board. How about an ex-President?  Former Mayor Bloomberg?

      1. IslandBites profile image87
        IslandBitesposted 2 years agoin reply to this

        The premise of the Board is fine? Sure...

        As the best example of the US imperialism in the 21 century. neutral

        1. lions44 profile image96
          lions44posted 2 years agoin reply to this

          My answer was predicated on the premise that the people of PR wanted to remain as a territory (or a State).  If the Island wants to be an independent nation, go for it.  I don't think anyone has a problem with it.   But in the meantime, wouldn't the Island need financial help?  The transition to full nation status would take some time, I would think.
          There's your next hub question: Do you support Puerto Rican Independence?

          1. IslandBites profile image87
            IslandBitesposted 2 years agoin reply to this

            The actual status gave "political autonomy" (and our own Constitution) to the Island. However, although the US got PR removed from the UN list of non-self-governing territories on November 27, 1953, they have recently admitted what everybody always knew: PR is in fact a colony.

            I dont think any state (or an autonomous territory, for that matter) would want a board to have control over its government,

            The Board wont grant financial help and has nothing to do with a status transition.

            Btw, many (in the US) would have problems with PR independence, believe me. It's been more than 100 years and they still refuse to let the colony go, so, that tells a lot.

            1. lions44 profile image96
              lions44posted 2 years agoin reply to this

              In the current climate, I think most in the States would support independence.  At least those on my side of the aisle.  The average American does not a colony.  Good luck.

              1. IslandBites profile image87
                IslandBitesposted 2 years agoin reply to this

                Unfortunately, the average american has little to say about it. Thanks.

  2. profile image0
    calculus-geometryposted 2 years ago

    I don't know much about the debt situation, but with a population of almost 3.5 million they should at least be a state. For comparison, Iowa is almost as populous and has 6 total house and senate representatives who can vote, compared to 0 voting reps for PR. It's ridiculous to keep PR as a territory with a population that big. Independence seems be best.  How do most PR'ans feel about it?

    1. IslandBites profile image87
      IslandBitesposted 2 years agoin reply to this

      PRicans are divided in the status issue. There's a good percentage of the population that wants PR to become a state, but is not the majority (less than 50%). There's another big percentage that wants the status quo, again, less than 50%. And there are those who want independence who are a minority (for a lot of factors).
      However, sadly, no one has power to change it other than the Congress, because PR is a colony.


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