Puerto Rico spoke loud and clear last night, but did anyone listen?
For Puerto Ricans, this is a significant position to take. The island is over $70 billion in debt and has defaulted on debt payments twice. As Puerto Rico Gov. Alejandro GarcĂa Padilla told CNN , "We're out of cash." The tanking economy is causing a mass population exodus from the island to the mainland. Fewer Puerto Rican residents to pay taxes means more debt, and the whole crisis has been ominously referred to as a " death spiral ." If Puerto Rico gains statehood, it will be able to file for Chapter 9 bankruptcy with federal protection, meaning the island could restructure its debts, negotiate in court with bondholders, and cover about a third of its debt . If not, Puerto Rico and its citizens will remain in the economic crisis indefinitely. A 115-year-old Supreme Court decision ( blasted by John Oliver last year ) ensures that no U.S. territories are allowed to vote in the general election. While Republicans in Puerto Rico voted clearly in favor of ...