Defaulting Puerto Rico is “America’s Greece”

The world’s attention as been on Greece, as Europe hopes its collapsing economy and its rejection of austerity measures will not pull down the rest of the Eurozone.  But what happened to Greece is also happening to the American territory of Puerto Rico, whose imminent default on its $72 billion debt–most of which is owed to U.S. investors (which don’t have that much exposure in Greece)–will have a far greater effect on the American economy.

The White House is refusing to bail out Puerto Rico but is instead asking Congress to pass a law allowing the territory to declare bankruptcy.  But that means the American investors will take the loss, which won’t be good for the U.S. economy. [Read more...]

Puerto Rico votes for statehood

For the first time, the citizens of Puerto Ric0 voted to become the 51st state in the United States of America.  This can’t happen without Congressional action, but a referendum in the American territory went for statehood after Puerto Ricans voted it down in 1967, 1993, and 1998.

The vote was 61% for statehood, with 46% for maintaining the status quo.  Only 6% voted for out-and-out independence.

via Puerto Ricans favor statehood for first time – CNN.com.

President Obama owes Hispanics big time for his re-election.  Would this be a fitting award/symbolic gesture?  Republicans are seeing the need to attract more Hispanic voters.  Might they be hesitant to oppose statehood, even though this might mean two more Democratic senators?

Would you support Puerto Rico becoming a state?

Statehood for Puerto Rico?

Are we ready for a 51st state? Where would we put the additional star in the flag?

The House on Thursday approved legislation that could set in motion changes in Puerto Rico’s 112-year relationship with the United States, including a transition to statehood or independence.

The House bill would give the 4 million residents of the island commonwealth a two-step path to expressing how they envision their political future. It passed 223 to 169 and now must be considered by the Senate.

Initially, eligible voters, including those born in Puerto Rico but residing in the United States, would vote on whether they wish to keep their current political status or opt for a different direction.

If a majority are in favor of changing the current situation, the Puerto Rican government would be authorized to conduct a second vote, and people would choose among four options: statehood, independence, the current commonwealth status or sovereignty in association with the United States. Congress would have to vote on whether Puerto Rico becomes a state.

via House approves bill that would let Puerto Ricans vote on relationship with U.S..


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