Puerto Rico's governor says 'government is bankrupt'

Puerto Rico's governor says 'government is bankrupt'

edition.cnn.com

"It's up to us to confront the bitter reality that the government is bankrupt," he said in a televised address.

The number of laid-off workers will depend on how many accept voluntary buyouts and how many agree to cut their hours, he said.

"But I am frank," he said. "The quantity could be significant and I fear they could exceed 30,000 workers."

Though he did not lay out a timetable, Fortuno prefaced his prediction by calling for "immediate action" to emerge from a crisis that has left the government unable to pay its bills.

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well, it is obvious that it has to start on the smaller areas. but it is a domino type issue. it is coming to US and rest of the world.

but to let us take it easy it can not happen first in the main player's countires.

in UE, we have the iCeland. In US you have a Puerto Rico.

they are trying that we get used to it. and the big collapse is on the way to our homes too.

take care my friends

edition.cnn.com
(visit the link for the full news article)

We have a state called California that is about to lay off 20,000 state employees for the very same reason. They are out of money, withholding state tax refunds that belong to the taxpayers to try and keep up and it's government cannot make any headway because of the in-fighting. Another state, Kansas, may be soon to follow.

of course I heard about it, but I am pretty sure that Puerto Rico will be the first really hard hit. mark my words.

California and other states in troubles will be on life support until whole deal will be ready and they will make sure before, that you are hoping only to stay alive instead of trying to fight for your rights.

it works so. you will see the really bad things happening in Puerto Rico and in the same situation you will try to find a different solution. a quiet approval for whatever they planned to do with you.

reply to post by sos37

We have a state called California that is about to lay off 20,000 state employees for the very same reason. They are out of money, withholding state tax refunds that belong to the taxpayers to try and keep up and it's government cannot make any headway because of the in-fighting. Another state, Kansas, may be soon to follow.

Our whole country is already bankrupt...we just haven't filed yet.

It's coming.

Ohio, which is rarely mentioned, is starting to catch up with the unemployment game. Ohio claims 9.7% for the whole state but this map breaks it down to county levels. One thing to note is that the majority of the green and purple counties are known more for their agriculture than industry.

reply to post by David9176


trust me it is not only US. if the US is in a big s***, the rest of the world is also there. maybe except the countries like North Korea where they won't feel the difference.

I read today in some main stream source that they belive that in next 40 years the total number of people (including kids and rentiers) out of work will reach 98%. looks that we are going to have a lot of time for drinking.

but at least we will get closer to nature again.

"always look on the bright side of life...".

Originally posted by czacza1
reply to post by David9176

 

trust me it is not only US. if the US is in a big s***, the rest of the world is also there. maybe except the countries like North Korea where they won't feel the difference.

I read today in some main stream source that they belive that in next 40 years the total number of people (including kids and rentiers) out of work will reach 98%. looks that we are going to have a lot of time for drinking.

but at least we will get closer to nature again.

"always look on the bright side of life...".

FIrst off you didnt read that in a main stream source. 98% unemployment is impossible. That is just a rediculous statement. We may see unemployment around 10-12% tops, by governement standards that is. Obviously there are a lot of part time workers or self employed people that are not as busy as they have been in the past. I am a self employed painter in SW Florida, the second hardest area hit by job loss and it isnt that bad. Sure I am slow, but I have enough business to get by. In fact I just pulled in a $30,000 job. So people are def. still spending. I just have cut back my spending habits to get through the next year or so. We will be out of this mess by the end of 2010 or sooner. Only way for 98% unemployment is Nuclear Holovust, Comet hits the earth, end of the world scenarios. There is no economic downturn that could cause that rate of unemployment.

[edit on 4-3-2009 by tide88]

[edit on 4-3-2009 by tide88]

There is no economic downturn that could cause that rate of unemployment.

Well. In Zimbabwe there's 90% unemployment. The only ones working are the thugs who work for the government.

What do you think will happen when the US dollar collapse? Puppies and rainbows?

In the great depression you saw 30% unemployment, you'll see that again easily.

It will be bad. We won't be out of this for at least 7-10 years.

Official unemployment that will be released this week will show over 8%. Real numbers are around 19%.

It will be gradualy worse until the US dollar collapse. Then it will be hell for a certain period of time, then if the right people do the right thing, we might go back to decent levels of living, but no way the level we have today.

[edit on 4-3-2009 by Vitchilo]

reply to post by tide88


I said that 98% of all people will have work. what does not mean that the unemployment rate will be so. today out of permanent work is mostly over 50 % (depends of the country). but never less than 35% I guess.

the 98% they were talking about was in polish MSM and they were talking about unemployment in UE. in UE the avarage unemployment rate is pretty high already - around 10% (in Poland around 8%).

but it is not only the crisis behind it but mostly that the "west" world is getting old so the number of people in productive age in dramatically decreasing.

and of course we have more and more work which is performed by the automats. and this is going to develop in future.