Via Breitbart Big Government
The Ryan rescue package, then, isn’t really legislation to protect investors or US taxpayers. It is a plan to rescue the island’s left-wing activist government from reaping the harvest of its own choices.
Government jobs make up almost one-third of the total employment on the island. This is around double the US mainland and higher than other US territories. The pension system for retired government employees is only 8.5 percent funded, far below the 68.6 percent median funding of public sector pension systems on the mainland. The island government had a $500 million shortfall in its pension payments in 2014.
Ryan’s work on a rescue for Puerto Rico began with a promise he made to Democrat Leader Nancy Pelosi during negotiations over the omnibus spending bill at the end of 2015. In March, as Ryan’s first self-imposed deadline approached, the government of Puerto Rico passed emergency legislation allowing the island’s governor to unilaterally suspend debt repayments. This action, which is likely unconstitutional, was designed to force Ryan to speed approval of a rescue package.
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