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Puerto Rico is at least $70 billion in debt

Posted on 04-Dec-2013
Topics: Economic Warnings  Puerto Rico Default  

From Breitbart:

The tiny U.S. territory of Puerto Rico is at least $70 billion in debt and has another $37 billion in unfunded pension obligations.

Puerto Rico's population, now down to just 3.7 million residents, also confronts a 15% jobless rate--a calamitous mix of debt and dwindling economic opportunity reminiscent of bankrupt Detroit, reports the Washington Post.

...

U.S. taxpayers are already propping up Puerto Rico through welfare programs with unusually high enrollments. Roughly one out of every three Puerto Ricans receives food stamps, "and residents of the island are twice as likely as those on the mainland to receive Social Security disability benefits," reports the Post.

Puerto Rico is considered a hotbed for disability fraud. In August, federal authorities busted up a massive Puerto Rico disability scam thought to be among the largest ever. In 2006, 36% of applicants were approved. By December 2010, 69% of Puerto Ricans who applied for disability received it. Over 33% of Puerto Rico residents on disability qualified by claiming they could not work due to "mood disorders."

Sources:

[1] "Puerto Rico $70 billion in debt", Wynton Hall, Breitbart, 2-Dec-2013

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