From bad to worse in Puerto Rico
Submitted by gjohnsit on Thu, 01/25/2018 - 12:42pm
Puerto Rico's new budget is a testament to how bad things are on the island.
Puerto Rico’s governor submitted a revised fiscal plan Thursday that estimates the U.S. Caribbean territory’s economy will shrink by 11 percent and its population drop by nearly 8 percent next year.
The proposal doesn’t set aside any money to pay creditors in the next five years as the island struggles to restructure a portion of its $73 billion public debt.
That's an economic catastrophe written large.
Over a third of the island still has no power, 120 days after the hurricane.
The murder rate has doubled.
And yet things will likely get much worse before getting better.
Even worse, experts say, many Puerto Ricans stopped making payments on their mortgages after the Sept. 20 storm because they thought the moratorium was automatic, when it was not. The storm knocked out power across the island, the largest blackout in U.S. history, preventing many from learning that they had to contact their bank to request a moratorium, said Ariadna Godreau, a professor and human rights lawyer.
"The big concern now is that mortgage foreclosures are going to spike," she said. "We're going to see more homeless people, more homes foreclosed."
...Oriental said only that 69 percent of its home loans were under moratorium by the end of November, while First Bank said about half of its clients were given moratoriums. Santander said 123,000 of its accounts, including both mortgages and personal and commercial loans, received moratoriums expiring in December and January.
..."There are still people without power, so the ability to generate revenue is not there."
More than 30,000 jobs were lost after Hurricane Maria, and some 30 percent of small and medium-size businesses remain closed more than four months after the storm, according to the island's Treasury Department. Meanwhile, more than 30 percent of power customers remain in the dark and many struggle to pay rising utility bills.
Imagine, after all this, a wave of foreclosures.
That's truly kicking someone when they are down.
No, wait. THIS is kicking someone when they are down.
Some analysts view the assumption of that much aid as risky given that the U.S. Treasury Department and U.S. Federal Emergency Management Agency recently told Puerto Rico officials that they are temporarily withholding billions of dollars approved by Congress last year for post-hurricane recovery because they believe the island currently has sufficient funds.
“I think counting on $30 billion is overreaching,” Puerto Rico economist Jose Caraballo said in a phone interview. “There’s great uncertainty in that sense, and especially with a Republican government that cares little to nothing about what is happening in Puerto Rico.”
So Puerto Rico is too rich for aid. Just like Iraq was going to pay for it's own occupation.
What's more "aid" is a relative term with the Trump Administration.
When Congress passed a $36.5 billion disaster relief bill to bolster rebuilding efforts in several wildfire and hurricane-damaged areas in October, it shortchanged Puerto Rico, giving it a $4.9 billion loan instead of the grant that other areas received. Now, it appears the debt- and hurricane-ravaged island won’t even get that money.
...the very fact that Puerto Rico must receive assistance as loans rather than grants, unlike any other entity receiving disaster assistance, is bad enough. That the island is being treated like a welfare recipient found to have too much money in its bank account takes it to another level. Among U.S. territories suffering from catastrophe, only Puerto Rico is being means-tested.
When it comes to Republicans, poverty is a crime that must be punished.
That applies to individuals and territories.
Comments
Disaster Capitalism in Action
Bring it all down to privatize and then play the rules to take over individual assets.
https://www.commondreams.org/news/2018/01/23/disaster-capitalism-action-...
We can also thank 'O,' since his Administration
refused to help Puerto Rico after watching the country on the brink of economic collapse for years.
No wonder they're so angry.
Thanks for the piece, Mr W. I suspected during the brouhaha about the initial power company contract, that it might (partly) be a ruse to derail any progress toward getting PR's electricity restored--hence, an excuse down the line to 'privatize' the public utility.
IOW, the goal was to allow the flat-out disaster capitalists, to win over the (Zinke) crony capitalists!
Mollie
“I think dogs are the most amazing creatures; they give unconditional love. For me, they are the role model for being alive.”
--Gilda Radner, Actress & Comedienne
"Being deeply loved by someone gives you strength, while loving someone deeply gives you courage."--Lao Tzu
Everyone thinks they have the best dog, and none of them are wrong.
The situation sucks.
It really, really sucks, and it demonstrates the cold-heartedness of Republicans, who seem willing to let people of "the wrong sort" suffer needlessly.
It's too bad Hillary Clinton didn't win the 2016 election. She could have skimmed off rebuilding funds into her and Bill's foundation like they did in Haiti.
the wrong sort
The brown, Spanish-speaking sort we can't just wall off, you mean!
At least then, Puerto Rico would get the aid necessary to generate credible window dressing. They're not even getting that now.....
"US govt/military = bad. Russian govt/military = bad. Any politician wanting power = bad. Anyone wielding power = bad." --Shahryar
"All power corrupts absolutely!" -- thanatokephaloides
Haiti still has naked windows...
I dunno, did Haiti get any decent curtains out of the Clinton Fundation or just a few luxury resorts for some wealthy people to profit from and maybe the odd collapsible shack expected to fly back out of its own windows in the next high wind? Oh, and the gift of some photo ops where Hillary took credit for a school or something else that others had put up?
Psychopathy is not a political position, whether labeled 'conservatism', 'centrism' or 'left'.
A tin labeled 'coffee' may be a can of worms or pathology identified by a lack of empathy/willingness to harm others to achieve personal desires.
sarcasmus
I obviously wasn't sarcastic enough there!
"US govt/military = bad. Russian govt/military = bad. Any politician wanting power = bad. Anyone wielding power = bad." --Shahryar
"All power corrupts absolutely!" -- thanatokephaloides
Lol, no, you had plenty - but so did I and mine spilt.
Psychopathy is not a political position, whether labeled 'conservatism', 'centrism' or 'left'.
A tin labeled 'coffee' may be a can of worms or pathology identified by a lack of empathy/willingness to harm others to achieve personal desires.
Not just the republicans
The democrats were not going to vote for the CR unless funding for PR was included. Oops. They didn't. Besides, how many democrats have you heard speaking about this? Bernie has mentioned it, but anyone with the power of getting people's attention?
It was obvious from the beginning that PR was going to be left to deal with the hurricane damage on their own. Just like what happened after Katrina. Is poor-ism a word? This and racism is what's happening there. Very sad. How people can live with their decisions is ....!
Which AIPAC/MIC/pharma/bank bought politician are you going to vote for? Don’t be surprised when nothing changes.
It's OK to discriminate if they are poor
The word you are looking for is Classism.
I wonder if this
(lack of aid) might
encourage Puerto Ricans
to vote For statehood this time.
the little things you can do are more valuable than the giant things you can't! - @thanatokephaloides. On Twitter @wink1radio. (-2.1) All about building progressive media.
Either statehood
or independence.
Because the current situation is serfdom.
Like Haiti, independence would still leave
Puerto Rico screwed. I’m not too sure about statehood either.
"The object of persecution is persecution. The object of torture is torture. The object of power is power. Now do you begin to understand me?" ~Orwell, "1984"
"Mr. Speaker, I ask you,
as the rep. from San
Juan, when is the United
States government going to send
aid and comfort to the 51st state? Is there a snowball's chance in Hell this congress will send the aid and comfort the 51st state desperately needs? Mr. Speaker... ?
the little things you can do are more valuable than the giant things you can't! - @thanatokephaloides. On Twitter @wink1radio. (-2.1) All about building progressive media.
Yep.
"The object of persecution is persecution. The object of torture is torture. The object of power is power. Now do you begin to understand me?" ~Orwell, "1984"
Holding a vote without power
then they'd have to count the votes manually, ain't gonna happen
cause statehood or independence would win.
I never knew that the term "Never Again" only pertained to
those born Jewish
"Antisemite used to be someone who didn't like Jews
now it's someone who Jews don't like"
Heard from Margaret Kimberley
Were I Puertoriqueño....
Were I Puertoriqueño, I'd be demanding independence. The US has already abandoned the Island; why not recognize the fact?
Russia, China, Cuba, Venezuela and Bolivia would recognize the new Republic the next day.....
We could get Puerto Rico back on her feet, debtlessly, for less than we
spendwaste in the catdamned Middle East in a fucking week!"US govt/military = bad. Russian govt/military = bad. Any politician wanting power = bad. Anyone wielding power = bad." --Shahryar
"All power corrupts absolutely!" -- thanatokephaloides
Ironically, there is a shortage of IV fluid bags for
treating the current flu epidemic because Puerto Rico is the main supplier.
"The object of persecution is persecution. The object of torture is torture. The object of power is power. Now do you begin to understand me?" ~Orwell, "1984"
Katrina
Showed us just how bad disaster relief for the poor is in this country, but Puerto Rico is far worse. I'm convinced the rich want to depopulate the island so they can have another Caribbean playground, just leave enough people for servants, etc., maybe some colorful potemkin village folklife. Is anyone looking into who's buying up salvage properties?
They're psychopathic.
To a psychopathic individual, any vulnerability is an opportunity be exploited, and if nothing else, provides them with the suffering of others to be enjoyed in the abuse of power.
Brain damage/malformation/dysfunction or mental illness of any variety is obviously not the fault of the victim, but society and the world in general, as well as in particular, must be protected against those having this type of brain/mental and ethical/perceptual/human deficiency from gaining any opportunity of harming others.
Psychopathy is not a political position, whether labeled 'conservatism', 'centrism' or 'left'.
A tin labeled 'coffee' may be a can of worms or pathology identified by a lack of empathy/willingness to harm others to achieve personal desires.