Puerto Rico: Tipping Point of a Debt Time Bomb?

Lawndale News Chicago's Bilingual Newspaper - Commentary

by Daniel Nardini

Puerto Rican Governor Alejandro Garcia Padilla had to say it—Puerto Rico is not only broke but that it cannot at this time pay off its $37 billion debt since the territory’s economy has been in a slump for ten years. He says there has been some economic growth, but that it cannot match the island’s huge debt. He wants to hold off on the debt until he has had time to consult with the federal government and the U.S. Congress before he can prepare any plan to repay the debt. International creditors are not so obliging. They want Puerto Rico to pay off its debt, and are becoming increasingly adamant on this point.

We as a country should be EXTREMELY concerned about this debt time bomb. It not only mirrors the debt time bomb with Greece but especially with America’s own growing debt. The danger is that Puerto Rico’s debt may be an indication of what could happen to the United States as a whole. I am surprised that the U.S. government is not taking this debt bomb serious. The U.S. Congress will be going off for recess for the July 4th holiday, and the White House seems equally unconcerned about Puerto Rico’s debt. Puerto Rico’s debt is part of this country’s debt, and how long can this country’s ballooning debt continue? This should be declared as a national emergency since one part of a non-payable debt could lead to a domino effect collapse.

Are we as a nation and a people so blind that the only way we will see how serious this is as it comes to the point when we do see a collapse?! I for one do not want to see this point, and I know that the next American generation would not want to see this point either. Don’t we owe it to future generations to try and deal with what can be called one of the millennial issues in our life time?! In my view, many people, be they in the news media or among some self-serving organizations, seem more concerned with the Confederate flag than with something that can have a devastating effect on all of us. Remember the virtual collapse of 2008? We as a people have seen only too well what that meant for this country, and we are not over the effects of that time. This possible debt time bomb could be worse, and we had better be looking after this now!

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