Tuesday, December 10, 2013

Life in "Progress" Territory - Puerto Rico edition

So "progressives" have killed Detroit public pensions but that's just the beginning.............

In September, Puerto Rico's Government Development Bank announced it would cut bond sales after investors pushed the yield on Puerto Rico bonds above 10 percent. The island's general obligation bonds have been hovering at just above near-junk status. That worries economic experts who note that many Americans’ retirement funds include Puerto Rico bonds.

“It’s not just the residents of Puerto Rico” who are affected, said Tom Schatz, president of Citizens Against Government Waste, based in Washington D.C. “It’s Americans across the country who are at risk as well.”

The situation on the island is so critical that residents are fleeing in the largest numbers in decades, ushering a quiet exodus. Tens of thousands have left for mainland U.S. between 2010 and 2012, according to The Washington Post.


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