America shares the blame for the “massive debt” in hurricane-stricken Puerto Rico
Mic - 10/11/2017
The debt itself isn’t necessarily the dominant issue. It’s the debt combined with a failed economy, which then leads to high rates of poverty and unemployment along with very small tax base to keep the island afloat.
“First and foremost, it was decades of Puerto Rican politicians abusing Puerto Rico’s credit card,” Amílcar Antonio Barreto, associate professor of cultures, societies and global studies at Northeastern University, said by phone. “But then there were the federal politicians of the 1990s who undermined the Puerto Rican economy by taking the lifeblood out of it.”