In all of the discussion over the crisis in Puerto Rico due to the two storms, the financial position of Puerto Rico is raised as part of the problem. The strong intimation from the media is that we need to bail them out. I figure it’s time to remind everyone of how they got in the mess they are in!
Conservatives have long argued that out of control government spending will have dire consequences in the future. Thanks to politicians following liberal economic theories, the American territory of Puerto Rico appears to be proving them correct. With the bill come due, Washington should not declare bankruptcy as a way to bail out Puerto Rican politicians who have run the Commonwealth into the poor house. Read more here.