{"id":24310,"date":"2015-08-04T08:00:12","date_gmt":"2015-08-04T13:00:12","guid":{"rendered":"https:\/\/www.battleswarmblog.com\/?p=24310"},"modified":"2015-08-04T07:48:26","modified_gmt":"2015-08-04T12:48:26","slug":"puerto-rico-defaults","status":"publish","type":"post","link":"https:\/\/www.battleswarmblog.com\/?p=24310","title":{"rendered":"Puerto Rico Defaults"},"content":{"rendered":"<p>While not unexpected, this <a href=http:\/\/www.kcra.com\/money\/puerto-rico-is-about-to-default-for-the-first-time-in-its-history\/34504508\">certainly isn&#8217;t good news<\/a> for the global economy. &#8220;The commonwealth paid a mere $628,000 toward a $58 million debt bill due Monday to creditors of its Public Finance Corporation. This will hurt the island&#8217;s residents, not Wall Street. The debt is mostly owned by ordinary Puerto Ricans through credit unions.&#8221; That&#8217;s like <a href=\"https:\/\/www.youtube.com\/watch?v=Ag9zbMV5URM\">Johnny Boy paying $10 on his $2,000 debt<\/a> in <b>Mean Streets<\/b>.<\/p>\n<p>It doesn&#8217;t help that Puerto Rico has  <a href=\"http:\/\/www.breitbart.com\/big-government\/2015\/07\/18\/dont-lecture-greece-on-welfare-puerto-rico-usa-is-much-worse\/\">the U.S. minimum wage<\/a> and relatively generous welfare benefits. &#8220;Less than half of working age males are employed, [and] 35 percent of the island\u2019s residents are on food stamps.&#8221;<\/p>\n<p>There are plenty of <a href=\"http:\/\/finance.townhall.com\/columnists\/peterschiff\/2015\/07\/16\/how-socialism-destroyed-puerto-rico-and-how-capitalism-can-save-it-n2025956\/page\/full\">free market solutions<\/a> to Puerto Rico&#8217;s problems, but those are precisely the ones the Obama Administration won&#8217;t let be enacted&#8230;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>While not unexpected, this<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":35,"footnotes":""},"categories":[422,232],"tags":[2879,561,2637,2287,1829,2875],"class_list":["post-24310","post","type-post","status-publish","format-standard","hentry","category-budget","category-welfare-state","tag-budget","tag-debt","tag-minimum-wage","tag-puerto-rico","tag-welfare","tag-welfare-state"],"_links":{"self":[{"href":"https:\/\/www.battleswarmblog.com\/index.php?rest_route=\/wp\/v2\/posts\/24310","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.battleswarmblog.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.battleswarmblog.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.battleswarmblog.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.battleswarmblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=24310"}],"version-history":[{"count":5,"href":"https:\/\/www.battleswarmblog.com\/index.php?rest_route=\/wp\/v2\/posts\/24310\/revisions"}],"predecessor-version":[{"id":24330,"href":"https:\/\/www.battleswarmblog.com\/index.php?rest_route=\/wp\/v2\/posts\/24310\/revisions\/24330"}],"wp:attachment":[{"href":"https:\/\/www.battleswarmblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=24310"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.battleswarmblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=24310"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.battleswarmblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=24310"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}