Pension Meltdown
Puerto Rico Takes a Page from Argentina’s Playbook
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  • bigfire

    Who can Puerto Rico declare war against? British Virgin Islands (if you’re taking the Argentina method) or Dominican Republic?

    • xbox361

      In the end, expect them to declare war and win an uncontested battle against American taxpayers.

  • mesquito

    I vaguely remember a press conference from about twenty years ago wherein Jesse Jackson pressed the government to seize 401Ks in the interest of Justice and Urban Investment.

  • TommyTwo

    “the island territory was also borrowing money from its own public employee insurance fund to plug a hole in its budget.”

    So why aren’t we hearing the union leaders screaming bloody murder over this wonderful “investment” or over the widespread underfunding of public employee pensions? It’s simple: why should they? By collaborating with this, they are helping governments keep spending high, thus avoiding potential layoffs or salary reductions. And what about their pensions? Why, they’re “guaranteed” regardless! If this cynical ploy backfires and pensions do indeed get affected, is it any wonder that the general population will be deplorably lacking in sympathy?

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