Puerto Rico’s Economy’s in Trouble (You’ll Probably Not Guess Why If You Read the Wall Street Journal)
The Wall Street Journal published a piece talking about how the island's population has decreased due to continued economic problems. I'm not sure if the author Nick Timiraos was avoiding any context for his reporting, not aware how several of his points are nonsensical given the situation, or if he is engaging in the type of glib misdirection that passes as journalism these days. Case in point: The island’s bondholders and the insurance companies that have guaranteed those bonds say Puerto Rico’s elected leaders have made the crisis worse by resisting deeper spending cuts and tax increases. When he refers to "resisting deeper spending cuts and tax increases," this means: closing more than 150 schools which have already been shuttered, cutting pension plan payments to retired public service people, which are used to pay for everyday things like groceries, rent or mortgage payments, and the insanely high electric bills. Add to these costs, the general...