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Puerto Rico, Goverment Bankrupcy


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Hi Folks,

Has been in the news for quite a while, PR goverment will not have any money to keep operating as of May - 1 - 2006, News keep on saying bout 80% Government Operated Agencies will close...Leaving all public schools closed until WHO KNOWS??

I know there a a lot of PR citizens in this forum, will like up to date opinions...

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Rammolo-> I have to agree and disagree with you. I'm in the US but I'm really aware whats going on back home. I saw the news when  they talk about closing gov. agencies to save couple $$$. But He also said(The Governor) essential agencies wont be closed. Including the school. If  the close the school you don't imagine in how much Crap they will get with the Federal Government. But Schools, Police Fire Dept. and EMT will keep operating as normal

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Well thats kinda tricky.Is a US territory but some people in the US congress they don't even recognize it. Well about the money issue, in the past under other administration the secretary of Education stole so much much money the Federal Gov. froze million and millions of dollar that over approximate.8 yrs. the US gov start releasing the money again

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The problem over here is that the last goverment stole so much money that now the present goverment dont have any. The same thief are not in legislation opposing to everything. These politicians only want to fill their pockets and us morons PRicans keeps up with them. We are moving towards doom and soon whatever happened in Argentina 2 yrs ago will happen here. COMPLETE ECONOMY DISASTER.

Offcourse we PRicans dont care anyway. We only vote for the politians that will promise us that we can have Electricity/water/gasoline/education etc free (read can steal also without any problem) and makes Tax laws that will allow us to evade Income Tax.

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well the current situation is this: the turd is airborne, the fan is spinning, and the two are bound to meet in the near future.

the government is going to be broke. let us examine why. the puerto rican government is the largest single employer on the island. the latest numbers amount to 304,000 public employees, making up 24 percent of all the jobs on the island. 72, yes seventy-two percent of the governments budget goes to making payroll.

the government recently blurbed about how they had reduced the number of jobs. this is even true. the only caveat is that while they reduced the number of jobs they also increased the number of trust positions (which are better compensated and therefore more expensive) in the government agencies that got downsized.

as for the government downsizing itself, i see those chances about as good as porcine aviation.

if the government reduces its employees by 20 percent that increases the unemployment rate by 5 percent!!!!!!!!!!!!!!!!!!11!!!1!!!!!!elveen!!!!!!11!!!

now i would not even complain about the 304000 employees if the place was run smoothly. considering the size of the government, the place is a shithole of a banana republic. the condition of the infrastructure is atrocious (i'm sure the streets in iraq are better than here).

now it is being discussedwether or not to keep the 80 million due in income tax refunds to pay for essential government services.

if the schools close friday as planned that will cost the education department 263 million in federal funds.

this is not so bad. they already gave up 60 or so million in federal funds because the reading programs run by the federal government didn't meet "puerto rican cultural standrds"

i have found a clip picturing the current state of puerto rico.


as for statehodd, that is the last thing the schmucks in power want. too much oversight.  there was some comment about the states sending someone down to take care of the finances. a slim hope.

my heart rate monitor is going off the scale here, so i'm gonna post this before i croak.

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I don't know if that was the right link. But you just smashed a nice ford truck bud. Now that was a cool vid. Had to watch it several times. Cool. But what did it have to do with P.R.? Or was that just humor.  :laughing7:

the government is driving the island (truck) as fast as it will go, and the wall is coming...

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Well I suggest those of you who can to pack up bags and leave to your favorite state, thats what I'm doing before the year is over. This mess is going to keep getting worse every year.There is no job growth, It's tough for new college grads to find jobs and the cost of living keeps shooting through the roof so I might as well take a plane outta here.

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I completly agree with stealthcat abt the employment market and cost of living. But there is always 2 sides of the coin. While on my way back....I notice all the resturants (chillis, Long Horn, UNO etc) were all full. Small bars near my house were filled at 8PM by teenagers. It made my wonder.....people here always making noise..they dont have money, Government is almost bankrupt....but business is shopping mall, resturants, bars etc are still excellent. Why is that?

I know....middleclass families like mine, we have to pay tax...may be now more tax, where as government (read politicians and their families/friends) have a leisure life. Rich people on this islands walk away without giving appropriate tax. Many family resorts to cheating Hacienda when tax time comes....because Hacienda had made such a hippocratic tax rule that if the taxpayer is a married person..then his house will pay more tax. We have this pushed down our brain from childhood. If u can get anything for free always take it..be it by cheating, stealing, lieing or even killing. When time comes for work, then do 4 hrs and charge 8 hrs. The public schools will be closed from next week...but when I passed in front of a public school...I wonder whether there are any classes also in the school because it appears everybode is wondering outside the school.

The government had already announced of closer from next week. I believe this is for 2 months. I dont know how they will magically have money then when they cant now. I even hear..that hacienda is not going to pay back tax refund (I am one of the misfortunate) because the government needs these money. This money will end up the same way like the increased collection from toll tax on highways ended. Doing something else instead of the original intended purpose.

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