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#Post#: 2696--------------------------------------------------
The Looming Default by Puerto Rico & Presidential Politics
By: Kerry Date: July 28, 2015, 8:01 am
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Is the possible default of Puerto Rico on its bond of any
concern? If you care about the 2016 election, perhaps it
should be. The stands politicians take on this issue now may
determine if they win or lose in the next Presidential race.
First of all, Puerto Ricans are American citizens and they can
vote if they move to the mainland; and moving is exactly what
they're doing as their economy continues to worsen. Many have
already left, and everyone who leaves means one less taxpayer
there, making the economy even worse.
Florida is getting a lot of immigrants; and remember how close
elections can be in Florida. National results can depend on how
Florida votes. From the Washington Post
http://www.washingtonpost.com/news/powerpost/wp/2015/07/06/the-daily-202-puerto…
/>
Puertorrique�os recognize their increasing political clout,
particularly in Florida, and they promise to put it to use. In
an interview on Telemundo yesterday, Puerto Rico Gov. Alejandro
Garc�a Padilla threatened negative consequences for politicians
in either party who are �passive� about giving them the
privilege to declare Chapter 9. �Those who want the support of
Puerto Ricans must help Puerto Rico now, not later,� he said.
�Puerto Ricans decide the elections in Florida. That�s very
important. By deciding the election in Florida, we can decide
[who is the next] president of the United States.�
The island has a debt of $73 billion. Their state run
electricity company by itself has a debt of $9 billion. As CNN
http://money.cnn.com/2015/06/15/news/economy/puerto-rico-debt/<br
/>points out, their debt is about the size of New York , but the
ir
population that of Connecticut.
Jeb Bush is in favor of changing the law to allow Puerto Rico to
declare bankruptcy and default on its bonds. Naturally, Wall
Street and the Koch brothers who fund so many politicians are
against it. The other Republican candidates are under pressure
to say no.
Senator Schumer of New York and other Democrats favor allowing
the island to go bankrupt and will try to force a vote on it in
the Senate, putting all the Senators running for President to
take a stand.
Rubio is caught between a rock and hard place. Does he go for
the "conservative" votes and money or for the Latino votes in
Florida? Back to the Washington Post story:
�Senator Rubio has been closely watching events in Puerto Rico
and is concerned about the economic situation there,�
spokeswoman Brooke Sammon emailed last night. �He�s in the
process of reviewing the legislation to make sure it is the
right approach to begin addressing Puerto Rico�s debt crisis
without having any negative impact on American taxpayers.�
Spokesmen for Rand Paul, Ted Cruz and Lindsey Graham did not
respond to requests for comment.
In the Democratic contest, Hillary Clinton has also avoided
taking a clear position. Martin O�Malley aggressively embraced
the bankruptcy option last Tuesday in a play for Hispanics, and
the former Maryland governor earned tons of free media in the
Spanish-language press for his stance. Clinton tweeted last week
that, �Puerto Rico�s debt crisis is not theirs alone. For PR�s
economy to grow & their people to thrive, they need real tools &
real support.� Asked if that means she supports the right to
Chapter 9, a spokesman for the former secretary of State
declined to comment.
Clinton is trying to raise as much as she can from Wall Street
executives who already eye her skeptically because of her
leftward lurch to win the nomination.
If I had to bet, I'd bet Clinton goes with Wall Street and
hopes to win even if she alienates Puerto Ricans.
If relatives move to them to be close to relatives or to be
around other Puerto Ricans, that won't change the electoral
college in states like New York that are already overwhelmingly
Democratic; but other states could be affected:
Pennsylvania, New Hampshire, Nevada, North Carolina, Virginia,
Ohio, Wisconsin and Georgia.
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