Bankrupt Puerto Rico Voting on U.S. Statehood

Breitbart | 6/11/2017 | Staff
smnth28 (Posted by) Level 3
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The 3.4 million U.S. citizens on the Caribbean island of Puerto Ricans will vote today, for the fifth time, on a non-binding referendum to become independent or to apply to be America’s 51st state, despite already declaring bankruptcy last month.

Puerto Rico has a poverty rate of 45 percent, 12.4 percent unemployment, and 86 percent of residents do not speak English in the home, but the island receives $22 billion in federal subsidies. The top income tax rate is 4 percent and residents are exempt from paying $2 billion in federal income taxes. That explains why 61 percent of residents voted for statehood in 2012, but nothing happened.

Breitbart - News - Weeks - Puerto - Rico

As Breitbart News reported several weeks ago, Puerto Rico filed the largest municipal bankruptcy in the history of the United States on May 3. The island and its state-owned utility ran out of cash and defaulted on its $73 billion of debt. After the filing, Breitbart reported that Puerto Rico’s public pension plans only have $1.8 billion in assets to pay $45 billion in liabilities.

Christopher Columbus first arrived at Puerto Rico in 1493 and named the island San Juan Bautista. But after gold was discovered in a river, it was given the Spanish name for “rich port.” The conquistadors Spanish combined the labor of indigenous Taíno and Carib Indian people with African slaves to operate large sugar cane, coffee and tobacco farms.

War - Puerto - Rico - Cuba - Philippines

After the Spanish-American War, Puerto Rico joined Cuba, the Philippines and Guam as war booty paid to the U.S. under the Treaty of Paris of 1898. Puerto Ricans received U.S. citizenship in 1917 and officially became a U.S. Commonwealth...
(Excerpt) Read more at: Breitbart
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