Tuesday, June 30, 2015

Glad I Didn't Buy that Condo in Old San Juan a Few Years Ago

It was a beauty, though, and looking out over a wonderful square.  Twelve years ago, I could have retired there on a small pension, now....

Puerto Rico’s governor, saying he needs to pull the island out of a “death spiral,” has concluded that the commonwealth cannot pay its roughly $72 billion in debts, an admission that will probably have wide-reaching financial repercussions.

The debt of the island is the equivalent of $20,000 per person.  If you think that's staggering, the current debt per person in the United States is $50,000.