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With its creditors at its heels and its coffers depleted, Puerto Rico sought what is essentially bankruptcy relief in federal court on Wednesday, the first time in history that an American state or territory had taken the extraordinary measure.
The action sent Puerto Rico, whose approximately $123 billion in debt and pension obligations far exceeds the $18 billion bankruptcy filed by Detroit in 2013, to uncharted ground.
Thanks to the Jones Act, the prices paid by Puerto Rican consumers are roughly 20% higher than on the U.S. mainland.
20% of $35 billion (the annual consumer spending) is $7 billion. This is the amount of excess prices on goods paid every year, by Puerto Rican consumers.
85% (the percentage of goods that come from the US) of $7 billion is $5.95 billion.
So Puerto Ricans pay roughly $5.95 billion in annual excess profits to US corporations, thanks to the Jones Act. That amount exceeds the $4.6 billion in federal benefits that the US “gives” to Puerto Rico.
But wait, there’s more…
originally posted by: charlyv
One of the worst things we did was to close down Roosevelt Roads Naval Station, Ceiba, Puerto Rico, in 2004.
It was a strategic base in the cold war, and after. Thousands of jobs were lost as well as $millions in the local economy. In retrospect, Rosey Roads used the island of Vieques, right off shore, as a training facility as well. The people of VIeques fought for years to get the military off the island, but after Maria devastated PR and Vieques, these bases would have been a great asset in helping the recovery.
originally posted by: loam
They should be given statehood imo.
I say asset.
originally posted by: TinfoilTP
Trump is pushing to forgive all of Puerto Rico's debt, so by that great act of leadership it demonstrates they are as asset.