"I contend that for a nation to try to tax itself into prosperity is like a man standing in a bucket and trying to lift himself up by the handle." - Winston Churchill
Sunday, April 23, 2017
“A constitutional amendment that would allow Puerto Rico to default on its general-obligation debt lacks support, a top-ranking commonwealth lawmaker said.

Puerto Rico’s constitution gives those bonds the first claim on the general fund by requiring that they be paid before other money is spent. Three members of the House of Representatives filed legislation two weeks ago to change that provision so that the junk-rated island could default.

That proposal pushed the price of commonwealth bonds close to record lows on speculation that Puerto Rico won’t pay all of its $73 billion of obligations.”

Be scared, be very scared. Note the idea of implementing a Value Added Tax (VAT) to help dig out from the debt resulting from decades of liberal and progressive rule in Puerto Rico .... Puerto Rico's economy has benefitted for years because of large subsidies and preferred tax treatment they enjoy as a loyal vassal of the US Government. As usual, running out of other people's money means having to become even more creative in absconding with taxpayer money, and a VAT is just the ticket to run it up everyone's ass -

FULL STORY

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