The U.S. territory of Puerto Rico owes more than $70 billion—about $19,729.43 per resident—in debt to creditors and investors. First to note the territory’s fiscal problems were the credit rating agencies, which downgraded the territory’s bond status to “speculative,” the first of three steps along the junk-bond path to loan default.
Quite remarkably, for the second time in a week, The New York Times has shown some economic sense. Let me repeat that, with some emphasis added: For the second time in a week, The New York Times has shown some economic sense.
For months, now, the mass media and the financial markets have anxiously watched and waited to see the outcome of a war of words, accusations, and threats that have been fought between Greece and its Eurozone and European Union partners.
In this episode of the Budget & Tax News podcast, Jesse Hathaway, managing editor of Budget & Tax News speaks with James Roberts. Roberts is an economic research fellow at the Heritage Foundation. Roberts joins Hathaway to talk about Greece’s economic collapse, the “Grexit,” and how problems in the European Union may effect Americans.
(First published at Forbes.com.) President Obama has led America into an accelerating downward spiral. Destination: Argentina. Last Friday’s calamitous jobs report was just a signpost on the way. Argentina enjoyed the world’s fourth highest per capita[…]