Re: House passes bill to restructure Puerto Rico’s $70 billion debt
The US House of Representatives has passed a bill to appoint a special commission to restructure and renegotiate Puerto Rico’s unsustainable debt. The hubris of Congress that it and its appointed commissioners have superior knowledge regarding public finance is farcical. It is widely reported that Puerto Rico’s debt is $70 billion. With a population of 3.7 million, Puerto Rico’s per capital debt is around $19,000. US debt is widely reported to be $10 trillion. With a population of around 300 million, US per capita debt is around $33,000. I suggest that Puerto Rico hire better advisors, preferably German, since Germany is running a balanced budget.