This Is How Disastrously Bad Puerto Rico's Economy Is
Here's one stat: It's $72 billion in debt.
Puerto Rico is $72 billion in debt. Here's how disastrously bad the territory's economy is.
Now, there are definitely states with more debt than Puerto Rico. California's is much higher.
The difference is Puerto Rico's population is roughly the same as San Diego County.
And population size — i.e., the number of taxpayers — matters in a struggling economy. Puerto Ricans are leaving the territory in huge numbers to live in the U.S. proper and pay taxes there. According to Pew, more Puerto Ricans live in states than live on the island today, with 60 percent jumping ship to live in the states and only 40 percent staying in Puerto Rico to face ever higher taxes.
Not one American city or state last year had a sales tax as high as Puerto Rico's (11.5 percent), which is crushing for a population that has had a staggering 45 percent of people already living below the poverty line.
Needless to say, money that goes toward debt can't go to social services, making Puerto Rico an ever more difficult place to live for those already struggling.
Democrats in Congress have said helping Puerto Rico too much would undermine the island's democratic institutions. Republicans have said financial assistance sounds an awful lot like a bailout.
But Puerto Rico has until July 1 to pay back $2 billion, and with the system as is, more debt is likely on the way.
Starbucks’ new CEO says he’ll work as a barista once a month
The executive says his barista training helped him understand what works well, and where they need to improve.
Hair discrimination is a problem in the workplace, study says
A new study shows more than 20% of Black women ages 25 to 34 have been sent home from work because of their hair.
Report: Gen Z accumulating debt faster than other generations
Generation Z had, on average, more than $16,000 of debt at the end of of 2022. That's an increase of 3% from earlier in the year.
Biden's Justice Dept. keeps hard line in death row cases
Death penalty opponents are frustrated Biden hasn't taken any steps to fulfill his campaign promise to end capital punishment at the federal level.
Jonathan Majors arrested on assault charge in New York
The star of recently-released "Creed III" and "Ant-Man and The Wasp: Quantumania," was involved in a domestic dispute involving a 30-year-old woman.
Daylight savings dispute leaves Lebanon with two time zones
Many Lebanese have found themselves in the position of juggling work and school schedules in different time zones.