Puerto Rico, with at least $70 billion in debt, confronts a rising economic misery

Miguel Rodriguez, 50, who was working on his résumé at a government employment office in San Juan, said he has been out of work for four years, making it difficult to support himself or pay child support. He noted that his plight is not unusual. “Here, it is very hard to find a job,” he said.

As work has disappeared, more Puerto Ricans have relied on the government to survive: About a third of the commonwealth’s population relies on food stamps, and residents of the island are twice as likely as those on the mainland to receive Social Security disability benefits, according to researchers.

All of those problems were compounded by a housing bust that took down three of the island’s banks, while leaving many Puerto Ricans as deeply in debt as their government. Now pawnshops and title loan operations, which give loans to people who put up their car titles as collateral, are a growing presence on the island.

Puerto Rico, with at least $70 billion in debt, confronts a rising economic misery

As the United States “Nation Builds” across the ocean, they are yet incapable of rescuing their own people, & Yes Puerto Rican’s are born American citizens.

Newzaholic

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