Why We Ask: Our mission and operations are funded 100% by conservatives like you. Please help us continue to extend Liberty to the next generation and support the 2021 Year-End Campaign today.

Dan Gilmore / June 30, 2015

Puerto Rico Wants a Pass on $72 Billion Debt

“Death spiral” — that’s how Puerto Rico Governor Alejandro García Padilla describes the commonwealth’s debt. Over the last few years, the island racked up a debt of $72 billion, or 3.5 times the amount that bankrupted Detroit. Padilla, who once vowed to repay the loans accrued by his and past administrations, now says it’s impossible and creditors should “share the sacrifices.” Problem is, Puerto Rico has been a popular place for retirees to invest because the commonwealth’s bonds are tax-free. The problem becomes stickier, as Puerto Rico cannot file for Chapter 9 bankruptcy. The island used to be an economic powerhouse, filled with manufacturing and a vibrant port. But Deepak Lamba-Nieves, research director for the think tank Center for a New Economy, said in 2013, “You cannot pay daily expenses with your credit card, and that’s what Puerto Rico has been doing for years. We borrowed just to keep the lights on.” Padilla doesn’t appear ready to make the difficult cuts, firing government workers, tightening Puerto Rico’s belt and getting serious about the debt. Like Detroit, Puerto Rico was destroyed by liberal politicians and their failed economic theories. Now, some will say the only way to save the commonwealth is with a bailout. Barack Obama says he won’t do so, but don’t be surprised if he proposes to “fix” the problem by floating Puerto Rico statehood again — in order to firm up some Latino support. While the offer is hollow, a narcissist like Obama would certainly be pleased with a legacy of altering the American flag.

Start a conversation using these share links:

Who We Are

The Patriot Post is a highly acclaimed weekday digest of news analysis, policy and opinion written from the heartland — as opposed to the MSM’s ubiquitous Beltway echo chambers — for grassroots leaders nationwide. More

What We Offer

On the Web

We provide solid conservative perspective on the most important issues, including analysis, opinion columns, headline summaries, memes, cartoons and much more.

Via Email

Choose our full-length Digest or our quick-reading Snapshot for a summary of important news. We also offer Cartoons & Memes on Monday and Alexander’s column on Wednesday.

Our Mission

The Patriot Post is steadfast in our mission to extend the endowment of Liberty to the next generation by advocating for individual rights and responsibilities, supporting the restoration of constitutional limits on government and the judiciary, and promoting free enterprise, national defense and traditional American values. We are a rock-solid conservative touchstone for the expanding ranks of grassroots Americans Patriots from all walks of life. Our mission and operation budgets are not financed by any political or special interest groups, and to protect our editorial integrity, we accept no advertising. We are sustained solely by you. Please support The Patriot Fund today!


“Our cause is noble; it is the cause of mankind!” —George Washington

The Patriot Post is protected speech, as enumerated in the First Amendment and enforced by the Second Amendment of the Constitution of the United States of America, in accordance with the endowed and unalienable Rights of All Mankind.

Copyright © 2021 The Patriot Post. All Rights Reserved.

The Patriot Post does not support Internet Explorer. We recommend installing the latest version of Microsoft Edge, Mozilla Firefox, or Google Chrome.