The Puerto Rico Gamble | Fault Lines
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- เผยแพร่เมื่อ 20 ต.ค. 2015
- In June, Puerto Rican Governor Alejandro Garcia Padilla announced that the island had accumulated $72bn in debts and would not be able to pay them back anytime soon.
The announcement touched off a new struggle over who should pay for the debt crisis.
The US territory has not yet recovered from the effects of the global financial collapse, and poverty, unemployment and inequality rates far eclipse those in any US state.
Simultaneously, Wall Street investors have taken a new interest in the island, buying up debt and taking advantage of favourable tax conditions.
As Puerto Rico enters a new age of austerity, who is looking out for the interests of the poor?
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Passports. Get your report right. We don't need passports to travel to the mainland. We migrate to the mainland.
again.....you have to live in Puerto Rico to know the TRUTH
so this is not the truth? I live in Puerto Rico and the video did very well (with just 23 minutes) in getting both sides of the reality on the island; harsh austerity measures and mediocre government laws giving rise to predatory capitalism. I would like to know, do you live in Puerto Rico?
+Bryan M. They are doing the right thing cutting the schools, they should make boricuas open trenches for pennies.
soartothesky Well, first of all, I'm not a student of the public University of Puerto Rico, which students from said university in the Rio Piedras campus in 2010 were the ones in the video. Second, if you were studying at the UPR you would've probably felt the same as well. In PR, public higher education is of great quality, and the government at the time wanted to cut funds drastically and increase the tuition by $800 (worth noting, public University in PR is largely accesible because of its low tuition cost and government funding.) The increase was removed by the subsequent governor, but the cuts have actually been more agressive today than back then. That's the problem with these austerity measures, they're aimed at the middle class and education, which is destructive for any country.
soartothesky so you think cutting schools is actually a solution for economic problems? Maybe you think so because you didn't went to school or did not excel at it. Otherwise, you're an idiot.
+Bryan M. ad hominem attacks don't change current commonwealth policy. I say it as it is its a hard pill to swallow. I laugh at your 800 dollars? where in credits? tuition? Boricuas like it easy all the time. In fact, their choice to go to college its ludicrous if you were born to be a farmer or a drug dealer where you wouldn't go into debt. Don't bite as much as you can chew. Boricuas can't accept change, a bunch of bums asking for quarters looking for the next hustle with a similar american perspective without principle values surrounded by a hardcore drug culture.
You want to fix the island? Give us our independence and follow the Singaporean economic model.
+Thank you for taking the time out of your day for reading my completely unnecessarily long username can you follow the Singaporean economic model? The Singaporean government is not known for borrowing and spending, which you guys are very fond of doing.
+Bernard Evan Natividad and they don't run on welfare too, even their "public housing" isn't free.
Bernard Evan Natividad Do you understand what an economic model is? You're completely contradicting what I was saying.
+Thank you for taking the time out of your day for reading my completely unnecessarily long username I know what it means, but economic models are directly tied to how government run things. I'm saying you can't have a free market low tax atmosphere like Singapore when you're government is operating way beyond its means. And, you can't have a freemarket economy with a population dependent on welfare.
+Bernard Evan Natividad That's why you change the government and the economy. A large part of people are dependent on welfare because it pays more than a minimum wage, additionally, jobs are harder to find.
This is crazy what is happeing in this island. Every time the US come around something happens somewhere.
It's ashamed how the U.S has impoverished this island throughout generations..
Many months later, are they still camped outside that former school?
You can argue whether all those rich people moving in would jumpstart the economy or not. What you can't say is that giving them tax exemptions is depriving Puerto Rico of much needed tax revenue. That's bullshit. Those billionaires wouldn't be in Puerto Rico in the first place to be subject to Puerto Rico's tax jurisdiction if it weren't for the exemptions. So you really only have to choices, give the superich a pass on taxes and have them create a handful of jobs that fall way short of the amount needed to kickstart the economy, or tax them like everyone else and watch them move somewhere else and not create any jobs.
+Unclesamslair Incorrect, in many cases they're just buying up already existing businesses, and then not paying taxes on those same businesses that WERE paying taxes before. And even worse, now the majority of those profits are leaving the island.
Investors bring jobs to an island whose ppl have no jobs, an island that produces basically nothing and we have ppl criticizing. The same ppl who criticized the 'Law 936' which gave investors basically the same tax incentives like the one talked about in this video, but when the law was eliminated with the help of Pedro Rosello and then president Bill Clinton causing the present situation the island is in today. Pedro Rosello was using the tactic to force Puerto Ricans to vote for statehood, but it backfired bc that governor failed to realize that statehood has to be voted by US Congress, a Congress that will never do such a thing 1st bc it will be a one more democratic state which won't benefit the Republican party... 2nd the US out right owns PR bc they acquired it after defeating Spain in the Spanish- American War and a few yrs later settled with Spain in the 'Treaty of Paris' where they basically purchased PR from Spain for $20 million... So therefore PR belongs to the US and in their minds have no intentions of either making it a state nor independent. The old timers of the US Congress were nice enough to let them have a toy Congress of their own which basically are composed of a bunch of crooks who look only to benefit themselves; not all but about 90% for sure. If u have investors creating jobs for the ppl who then get taxed in the stores and all their purchases, then can't we give tax incentives to attract big companies/investors to the island. PR was flourishing in the 80s n 90s bc of tax incentive 936 after it's elimination it was over for the island and it's ppl. Let's not make the same mistake again by trying to get from the wealthy what they don't even want to give to the US govt , and which is why their companies are scattered all over the globe in order to get the same incentives. Let's not make the same mistake!! The wealthy will always try to get things done cheaper for their personal benefits, but who cares so long as they bring jobs.. Jobs/work is better than no jobs at all, which is what they have now and the problems that come with having no jobs.
Default. Take the hit and start again. Your kids will thank you.
@6:51, this condition has a name, it's austerity. The same thing happens whenever any Government decides to accept money (I refuse to say aid), the the IMF/wolf at the door comes knocking. Look what happened to Greece.
make this a true American state, sack the govt. and haul it into line, zero tax paid is not the way to go, no revenue for govt, no services for the people...…..
I'm confused. The Catholic church is one of the few that actually does things for it's faithful. Why on earth aren't the Sunday School class rooms & etc opening their doors for the kids? There are almost always kitchens in Catholic churches, too. You don't need hundreds of desks, etc, lots of kids around the world sit on the floor to listen and do school work. All you need for them is a safe, enclosed space.
It doesn't make sense that a Bentley pay for a highway toll of 80 cents. You keep trying to blame capitalism, and its not capitalism. Its you.
People moving out has increased since this video.
Had Hurricane Maria a year after this video, the Fiscal Board appointed by the US, and worsening economy.
The puerto rican cash register has less money from hard earned checks than EBT social security or disability. All of the cash register is federal aid, from many perspectives. " live on your means "
The rich & corporate America are getting federal aid also they just have different names for it like tax breaks, entitlement, subsidies. Most tImes all they have to do is create some jobs. The problem is they usually only create part-time job at minimum wage levels usually with no benefits so than the employee has to work two jobs & still can't pay bills or even healthcare. So now taxpayers have to flip the bill for them also all while the CEO, CFO & sometimes board members received the subsidies used it to give themselves lavish raises, bonuses. Than turn around near the end of the corporate handout(Subsidies) cut of date and claim bankruptcy. They fire everyone(destabilizing the economy in the area while ruining life). Then leave with their money & severance package all while lol that they're going to open again(restructure) under a new name and management to apply for corporate welfare again. But then again governments allow it to keep the poor in it's place at the bottom. Plus minimum wage in PR is less than the states since it's a Commonwealth.
Whatever happened in Puerto Rico is the sole doing and responsibility of puerto ricans. I don't blame investors or the american government not even corruption and the corrupt politicians who plague the island.
Puerto ricans have had the chance to change their destiny, every 4 years, for many many many years. A chance many countries and peoples in this planet don't have and dream about and yet puertoricans choose to elect the same people again and again and again and again.
Worst still is they also have the chance to organize to move and oppose any action their government take against them, a chance to make their voices heard and get something done for them for the better of all but they choose to do nothing.
This another land and group of people that's there for the taking with the approval of their government and the submission of their own will.
You said Ricans but the description applies perfectly to ... US citizens. USA is broke by 21 trillions per Washington so...?
u no nnuthin bout PR whiteman... sew b kwie
@T Hambone
They did not vote for socialistic welfare. It's a Colony...it dependent of their Masters by nature.
They can't become Independent because the US Constitution prohibits it.
Only Congress has the power to decide their status.
It's called an Unincorporated Territory in the US law books and falls under the Supreme Court decision of Insular Cases from 1902-1903.
Think this through. Young people are leaving in record numbers. Those young people are/were the young families. Now they are leaving. Why would the government keep the schools open if there are less people going to them? ESPECIALLY when the government is so far in debt? This whole news piece makes no sense.
+William Eggington The government is arbitrary closing schools regardless whether they have high enrollment or not, half of the schools that were close far exceeded the average grades. This is not about the consolidations of school, it can be done in a manner that is appropriated to the children, this is about the way that the government is doing it.
***** Are they letting people know what the criteria for the cutoff is? Surly they must be accountable to someone. If there is no money then schools need to close. . . if there are fewer people then schools need to close. But which schools close should be explained logically.
THIS SHOULD SERVE AS A PRECAUTION TO OTHER COUNTRIES THAT WANT TO BE AMERICANIZE. BE CAREFUL WHAT YOU WISH FOR.!!
We never asked for this, we fought for freedom countless times in many different ways
this is the cause of capitalism. or should i say corruption.
This is not capitalism, this is corporatism.
Youtballsoccer it's the same thing as capitalism anyway...
This is fraud. You can't run a country where half of the money in the cash register for poor families comes from drugs in the street. You put 4 quarters in a cash register one quarter is part of EBT or electronic benefits and one quarter is from the wealthy barely middle. and the rest of the spending income 50 cents is all from their hustle. Puerto Ricans are not saints.
Theres barely any middle class my middle class over there is less than 10K. 10 K is what I would call the middle class.
People earning checks are part of the cash register and the rest of the money in it comes straight from street drugs. Whats staying in puerto rico are the criminals and the wealthy retired people nobody else.
soartothesky that's a bunch of bullshit.
I am from birth half Puerto Rican. My mom is from USA. I understand islanders want to keep their independence as a country but I also believe that becoming a state is what's needed to help reverse the tremendous poverty level. Because no matter the problem in PR, being only a territory promotes poverty. People in my own familia are living on the edge of poverty. We are all Americans here dealing with this problem. Becoming a state is the key to becoming more productive with jobs, aid and most of all Education!
Go back and watch the video the U.S. IS THE PROBLEM, NOT the solution, the U.S. is a VULTURE, what P.R. needs its to become INDEPENDENT and be able to make business with the rest of the world, something the U.S. WON'T allow through the JONES ACT, do more reading just being half Puerto Rican does NOT gives you any credentials LOL 😆😂
There’s no poverty….That is a MYTH….Puerto Rico’s HDI is only surpassed by USA, Canada, and several European countries but has the same standard of living as Hungary….
@ 18:21 how are you supposed to gain public empathy, to help, when you're not speaking English - at all? It's not like a bunch of ex-pats in the area have the resources to help, or they'd move back to PR themselves.
How do you know he doesn't speak English? Maybe he is making a point to his people in there native language. He is talking about PR.