John C. Goodman writesOn Monday, Puerto Rico missed a payment on $422 million worth of bonds. If the United States doesn’t come to the rescue, this will be only the first of many defaults to come. In all, the island has $72 billion in debt and an additional $46 billion in unfunded pension liabilities — totaling more than the country’s annual GDP. As debt mounts, potential taxpayers are fleeing: 84,000 Puerto Ricans moved to the United States just last year alone.

I’ve been writing about the tyranny of democracies.   Goodman lays it out wonderfully  in this article about Puerto Rico.

print