Clinton Calls on GOP To Let Puerto Rico Use Chap. 9 Bankruptcy

  • “"Not a single Republican has stepped up in Washington to support the leaders in Puerto Rico. And they’re not offering any alternatives either. And that is unacceptable”

  • NOTE: Puerto Rico’s Public Finance Corp failed to pay bondholders an additional $4m of interest due Sept. 1, the agency disclosed today
  • Puerto Rico’s Governor Alejandro Garcia Padilla in June said Puerto Rico and its agencies were unable to repay all of its $72b of debt on time and in full and said the commonwealth would seek to delay payments

    • Congress needs to give authority to let “severely distressed” public corporations and municipalities restructure their debts, Hillary Clinton says at event in Puerto Rico

    Jennifer Epstein

    Clinton Calls on GOP To Let Puerto Rico Use Chap. 9 Bankruptcy



    Comments

    Post a Comment

    Popular posts from this blog

    Trump’s Tariff War - “Ruination Day”

    “Ruination Day”: The new Economist cover amid Trump’s tariff war. Trump has launched a global trade war, calling it a “Liberation Day.” As an economist, I know a thing or two about tariffs. So here are some predictions of what we should expect if this tariff war continues. 2/ First, let’s clarify what tariffs will not do: - Tariffs will not fix the U.S. trade deficit. That’s simply wishful thinking. Tariffs will reduce both exports and imports, leaving the overall balance of trade largely unchanged 3/ - Tariffs will not rebuild U.S. manufacturing. First, tariffs will make American exports less competitive in global markets. Second, tariffs will put upward pressure on the U.S. dollar, making U.S. goods more expensive to foreign buyers. 4/ As a result, it will become costly to produce “American products” — and nobody will want to buy them. 5/ Now, what will likely happen if tariffs persist: - Americans will pay higher prices. Tariffs are a tax on domestic consumers. They raise...
    Read more

    Puerto Rico’s Tennessee Plan

    Image
    Introduction On July 10th, the Governor of Puerto Rico, Ricardo Rosselló announced three new appointments to the newly formed Democracy Commission. Those three appointees join four others who were appointed earlier this year. The commission is tasked with lobbying Congress to approve Puerto Rico’s request for statehood. Puerto Rico’s latest push for statehood resembles the strategy Tennessee used in 1795 to become a state, known as the Tennessee Plan. But what exactly is the Tennessee Plan and how could it help Puerto Rico achieve statehood? What is the Tennessee Plan? The Tennessee Plan refers to the strategy that Tennessee used in 1795 to gain membership into the Union. The territory of Tennessee, then known as the Southwest Territory, was under the jurisdiction of North Carolina from 1777-1788. In 1789, North Carolina ratified the United States Constitution and ceded its Tennessee territory to the federal government. The territory was governed under the Northwest Ordinance, whic...
    Read more

    Trump is rolling out more tariffs this month. Where does the tariff money go?

      President   Donald Trump   has said his new tariffs, which start rolling out Saturday, will bring in enough money to "make America wealthy again." "We're going to start being smart and we're going to start being very wealthy again,"  Trump  said Wednesday at a  ceremony in the Rose Garden , shortly before signing an executive order that will enact a baseline 10% tariff on all trading partners outside of Canada and Mexico, plus additional  "reciprocal" tariffs  on select countries. "They've taken so much of our wealth away from us. We're not going to let that happen." So, where is that money going? "Trump has painted tariffs as  a tool to raise revenue  and offset costs associated with proposed tax cuts, going so far as to float the idea of  replacing income tax with tariffs . You're going to see billions of dollars, even trillions of dollars, coming into our country very soon in the form of tariffs," Trump said  la...
    Read more