Is statehood a way out of Puerto Rico’s fiscal crisis?
“An especially loud alarm went off this month when Puerto Rico, under the guidance of a financial oversight board set up by Congress, officially declared a form of bankruptcy on May 3, the first time a U.S. state or territory has done so. These days the ‘island of enchantment,’ as Puerto Rico is popularly known, is a tale of woe—and a new woe is seemingly added every day. On May 10 the Natural Resources Defense Council reported almost every drop of Puerto Rico’s drinking water violates U.S. safety standards. Add that to Puerto Rico’s crushing $123 billion debt and pension crisis, which has wrecked the U.S. commonwealth’s economy and sent unemployment and poverty through the roof. The financial crisis has devastated public services from electricity to hospitals to schools and fueled a murder rate four times that of the United States.”