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Sun Oct 1, 2017, 10:57 AM

Here is a list of states with more debt than #PuertoRico

Pass around.


Larry‏ @crazylary51 34m34 minutes ago

#AMERICA mentioning Puerto Rico debts.
Here is a list of states with more debt than #PuertoRico
Via @CmdrAdama2017



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Arrow 24 replies Author Time Post
Reply Here is a list of states with more debt than #PuertoRico (Original post)
riversedge Oct 2017 OP
malaise Oct 2017 #1
Not Ruth Oct 2017 #2
roamer65 Oct 2017 #3
Not Ruth Oct 2017 #4
skydive forever Oct 2017 #5
KY_EnviroGuy Oct 2017 #10
roamer65 Oct 2017 #22
JHB Oct 2017 #6
Duppers Oct 2017 #17
Igel Oct 2017 #21
safeinOhio Oct 2017 #7
GoCubsGo Oct 2017 #15
SunSeeker Oct 2017 #8
colsohlibgal Oct 2017 #9
Bernardo de La Paz Oct 2017 #11
grantcart Oct 2017 #13
underpants Oct 2017 #18
BigmanPigman Oct 2017 #20
druidity33 Oct 2017 #23
riversedge Oct 2017 #24
Marthe48 Oct 2017 #12
ananda Oct 2017 #14
Hekate Oct 2017 #16
Cryptoad Oct 2017 #19

Response to riversedge (Original post)

Sun Oct 1, 2017, 10:59 AM

1. Off to the greatest page

Rec

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Response to riversedge (Original post)

Sun Oct 1, 2017, 11:30 AM

2. Based on that chart, CT is in bad shape

 

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Response to riversedge (Original post)

Sun Oct 1, 2017, 11:36 AM

3. Wow...Ohio...for its population it's a debt monster.

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Response to roamer65 (Reply #3)

Sun Oct 1, 2017, 11:40 AM

4. And Florida is amazing, they have a quarter of Connecticut's debt

 

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Response to riversedge (Original post)

Sun Oct 1, 2017, 12:33 PM

5. Not sure about this one

Most states have a balanced budget law, so I don't understand these numbers. Maybe some one on here could make me understand. (Fake news?)

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Response to skydive forever (Reply #5)

Sun Oct 1, 2017, 01:10 PM

10. Not related.

Sort of like you balancing your personal budget each month (income vs your bills) but still owe lots on you home or car.

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Response to skydive forever (Reply #5)

Sun Oct 1, 2017, 02:27 PM

22. Bond issuance.

They generally balance their yearly budgets, but those budgets include interest payments on bonds issued by the state governments. So, technically they can run "deficits".

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Response to riversedge (Original post)

Sun Oct 1, 2017, 12:52 PM

6. Per capita debt, based on that chart...

Texas $12,237
Florida $ 9,600
Louisiana $17,789
PR $21,693

Plus I'm not sure where that chart comes from.

Their debt shouldn't enter into disaster relief at all, but if it does get touched upon I think it's better to point out that anyone concerned about the debt should really support getting these American citizens back on their feet ASAP, or there'll be nothing to pay it back with.

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Response to JHB (Reply #6)

Sun Oct 1, 2017, 01:44 PM

17. And according to Wiki

"Puerto Rico currently has a public debt of $72.204 billion (equivalent to 103% of GNP), and a government deficit of $2.5 billion."

"In comparison to the different states of the United States, Puerto Rico is poorer than Mississippi (the poorest state of the U.S.) with 41% of its population below the poverty line.[v] When compared to Latin America, Puerto Rico has the highest GDP per capita in the region."

But as you stated, Their debt shouldn't enter into disaster relief at all.



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Response to Duppers (Reply #17)

Sun Oct 1, 2017, 02:25 PM

21. But it will.

When you go for all kinds of relief loans it matters what your ability to repay is and what assets you bring to the table.

This isn't insurance. It's filling in the gap caused by lack of resources. Disaster relief until fairly recently, and even then only for some people, wasn't the federal government being responsible for making good on all the damage caused by a natural disaster. Houston's picking up the tab for a lot of damage--the relief is in the form of loans.

PR's disaster relief will need to be much more grant-based, because not only is it indebted up to its eyeballs but it's already defaulted on bond payments. That means issuing debt to cover even part of the damage is a non-starter. To come out even, it needs to get a much sweeter deal than Texas or Florida will get, but it needs that sweeter deal because it took out so much bad debt. Unless we insist on parity and say that Puerto Rico, in spite of its indebtedness, should get primarily loans. That would be true to "their debt shouldn't enter into disaster relief at all." I suspect the suspicion is that the indebtedness will be grounds for less aid, not more aid and of a more poor-friendly type. I find having that kind of suspicion doesn't get me anywhere. I personally think that their debt *should* enter into the disaster-relief calculations. I also find that talking in 140-character increments doesn't provide a lot of context, so the context is usually filled in, often by suspicions. (I personally like providing context, but that's an academic thing and because when I drop context people often misunderstand me, sometimes willfully. I often don't understand people very well.)

There's some sort of tax relief for those affected by the hurricanes--you can deduct losses over 10% of taxable income, I think it was. (That may have been in a failed bill, but the IRS still says there are deductions you can claim.) If you're a year-round Puerto-Rican resident, though, you don't pay federal income tax on income derived from Puerto-Rico. They pay Social Security taxes and receive core SS benefits. So for the most part, the tax relief won't help them. I do have to wonder how it works if you have $20k in PR income and $10k in mainland income, is the deduction percentage based on $10k or $30k? (Average income's around $30k.)

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Response to riversedge (Original post)

Sun Oct 1, 2017, 12:58 PM

7. I'll bet the Dotard

Has more too.

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Response to safeinOhio (Reply #7)

Sun Oct 1, 2017, 01:29 PM

15. Well, he owes $33 million to Puerto Rico, alone.

No doubt he has contributed substantially to the debt in NY, NJ, FL, and other places where he has/had hotels and other businesses.

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Response to riversedge (Original post)

Sun Oct 1, 2017, 12:59 PM

8. K & R & bookmarked!

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Response to riversedge (Original post)

Sun Oct 1, 2017, 01:03 PM

9. The Backstory On Their Debt

I saw a Documentary about that, they were used and swindled by Wall Steet types.

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Response to riversedge (Original post)

Sun Oct 1, 2017, 01:15 PM

11. State debt per capita

Alaska $ 29,780,396,000 $40,714 1
Hawaii $ 46,100,856,000 $33,111 2
Connecticut $112,372,072,000 $31,298 3
Ohio $321,340,764,000 $27,836 4
Illinois $321,354,115,000 $24,959 5
New Jersey $213,933,875,000 $24,134 6
New Mexico $ 50,137,504,000 $24,041 7
Oregon $ 86,678,268,000 $22,229 8
Puerto Rico $ 74,000,000,000 $21,693 about 9th
California $777,918,403,000 $20,449 9
New York $387,465,667,000 $19,799 10
Kentucky $ 86,245,730,000 $19,689 11
Massachusetts $129,550,263,000 $19,493 12
Nevada $ 52,838,629,000 $19,152 13

Source: https://ballotpedia.org/State_debt https://www.alec.org/article/state-budget-solutions-fourth-annual-state-debt-report/

Puerto Rico has about the same debt per capita as New York State, but didn't have the industry NY does. Now it has nothing, almost.

The commission imposed on Puerto Rico to control its debt is very heavy and dominated by 1%ers who want to keep Puerto Rico as a tourist destination and not much else; essentially maintain it as their colony.

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Response to Bernardo de La Paz (Reply #11)

Sun Oct 1, 2017, 01:27 PM

13. Useful. It would also be interesting to see it ranked per GNP of the state.

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Response to Bernardo de La Paz (Reply #11)

Sun Oct 1, 2017, 01:50 PM

18. It's apparently home to pharmaceutical manufacturing employing about 90,000

I didn't know that.

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Response to underpants (Reply #18)

Sun Oct 1, 2017, 02:24 PM

20. Where did you find this info.? I looked at the charts and didn't find it.

Which state (s) are home to Rx manufacturing?

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Response to BigmanPigman (Reply #20)

Sun Oct 1, 2017, 05:59 PM

23. I read that here too...

also that there are 14 ESSENTIAL drugs that are only made in PR and that there will be BIG problems in the next 8-12 months if they don't get back on line.

I'm sorry that i can't find that link...



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Response to Bernardo de La Paz (Reply #11)

Mon Oct 2, 2017, 11:29 AM

24. Thanks for post.

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Response to riversedge (Original post)

Sun Oct 1, 2017, 01:26 PM

12. That is a lot of debt

Looks like a house of cards.

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Response to riversedge (Original post)

Sun Oct 1, 2017, 01:28 PM

14. So much for that excuse.

..

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Response to riversedge (Original post)

Sun Oct 1, 2017, 01:29 PM

16. Kick

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Response to riversedge (Original post)

Sun Oct 1, 2017, 02:09 PM

19. But But,,,, But,,,,,,,,,

those people are not "Real Americans"...... geeeez?

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