In the recent hearing about the future of Puerto Rico, there was lengthy discussion about the actions of the Financial Oversight and Management Board and about the hoped-for financial improvement and development in Puerto Rico.
Winding down the Board
Many of the questions in the hearing involved discussions of how and when to shut down the Board. Rep. Alexandria Occasio-Cortez warned that there would be dangers in ending the Board in the wrong way. The Board has restructured nearly all the territory’s debt, but one group of creditors remains: those who chose to buy PREPA’s bonds after PREPA went bankrupt. “That is the definition of a vulture fund,” said Occasio-Cortez. “This is an exploitation, a loophole, an unfair practice. And now these folks who knew that that debt was not viable, buying in after bankruptcy, are now demanding to be paid out 12 billion dollars — attempting to wind down PROMESA’s operations early so that they can be paid out at that 12 billion instead of the negotiated 2.6 billion.”
Occasio-Cortez pointed out that $12 billion is one third of Puerto Rico’s entire budget, and that the payout to the vulture funds would create enormous hardship for the people living in Puerto Rico. Satisfying these demands would put the cost of electricity in Puerto Rico at 36 cents per kilowatt hour for decades, making it difficult, as Occasio-Cortez said, for people to refrigerate their medications, and as both FOMB director Mujica and Rep. Bruce Westerman said at another point in the hearing, to encourage companies to locate their facilities on the Island. Rep. Nydia Velazquez also pointed out that problems with the electric grid also hinder Puerto Rico’s ability to respond to disasters, and may even lead to further population loss.
“I am asking my colleagues to really sit with the devastating consequences,” Occasio-Cortez continued. “Detroit was brought up earlier. One of the reasons that this restructuring is different from Detroit is that Puerto Rico is a colony of the United States and Detroit is not.”
The consequences of being a colony
Rep. Ritchie Torres agreed with Occasio-Cortez, going so far as to say that a premature end to the Board could invite backroom deals with the vulture funds. “The Board may be the only institution that is protecting Puerto Rico from highway robbery,” he suggested, calling on his colleagues in Congress to protect the ratepayers of Puerto Rico and the electric grid of the Island. “Every dollar spent on lining the pockets of predatory bondholders is a dollar not spent on maintaining and modernizing Puerto Rico’s electric grid.”
Torres spoke passionately about the importance of the electrical system of the Island, but Occasio-Cortez put her finger on the root cause of the problemm
“Puerto Rico doesn’t have a vote,” she said. “We do not have a vote in the House; we do not have votes in the Senate.”
Does this affect the electric grid, the cost of living, the appeal of the Island to investors and businesses, and the population crisis in Puerto Rico? Certainly it does. Federal decisions affect the territory, and as long as Puerto Rico does not have a strong voice in Congress — that is, until Puerto Rico is a state — Puerto Rico will be limited by the colonial relationship.
Reach out to your representatives and let them know that Puerto Rico’s status is important to you, the voter.
One response
Well said! PATRIOTS-VETERANS for EQUAL RIGHTS-USA
(Summary Research per: US Constitution; US Supreme Court; US Justice Dept.; AI; Experts; History; Reason)
END US Puerto Rico’s Federal–Inequality; subjugated Territorial Status!
–Support: EQUAL CIVIL RIGHTS-DEMOCRACY for all “We the People”!–
Since 1898 (for over 126+ years)–the US Territory of Puerto Rico (PR)-(with more US Citizens-US Veterans than 21 States) is under Federal undemocratic control (with NO “consent of the Governed”)-as the US Constitution is NOT fully applied…Thus, the US Federal Government must act to ensure Equal Rights-END PR’s unfair Territorial Status; revoke unjust Laws!
“The Federal Government should be the Servant of ALL “We the People”; NOT the Master of some!”
SUMMARY FACTS are: Today, millions of PR-2d Class US Citizens-US Veterans don’t have full Civil Rights, like—
NO Vote for US President; NO just Representation in US Congress; NO Parity in Federal Laws, Programs, or Funding…that other US Citizens fully get; *NO permanent “statutory” US Citizenship (even if moving to a State)…!
+ The Federal Government controls PR’s Borders, Currency, Laws, Security, Economy, Trade, etc.—under the old/UNFAIR Territorial Clause (of 1787); unjust racist Insular Cases (of 1901-1925+); other biased Laws that discriminate & treat PR differently than other US Citizens/Veterans–which goes against our core US Democratic values & principles!
+Puerto Ricans face a bad magna CRISIS; Exodus to the States—because the unfair-Federal undemocratic Territorial Status negatively affects everything: Economy/Jobs, Infrastructure, Social Programs, etc.; brings instability; ties PR’s Hands to fairly compete-grow the Economy; limits progress; is Un-American!
“US Citizens/Veterans should come first; not Federal institutional discrimination!”
In our US Republic, the power should reside with all “We the People” (made up by Individuals)–per our Declaration of Independence that calls for “Consent of the Governed”; noble US Constitution that calls for Equal Rights-Fairness, and a Republican form of Government or a Representative Democracy! Fight for Right-END PR’s Federal undemocratic Status!
“NO Federal VOTE or just Representation = NO Democracy or a Tyranny of a Majority!”
Our Federal Government can end this unjust inequity now; amend/revoke unfair Laws that limit progress. But instead, some politically distort; spin; misinform; stereotype; provide meritless EXCUSES that blame the Victim; create double standards not applied to Other US Citizens! This results in confusion & stalemate–that perpetuates Federal subjugation!
You can’t have both ways (either support Equal Rights or Federal Domination)!
Puerto Ricans have loyally sacrificed, defended, & greatly contributed to the development of our noble USA; cherish their US Citizenship; have locally voted to END the unjust Territorial Status in 2012, 2017, 2020, & 2024 as Majority is FOR—-
“PR Equality & Progress with STATEHOOD”
But, the Federal Government continues to provide biased excuses; doesn’t act to end Federal undemocratic control!
“Support EQUAL CIVIL RIGHTS; our REPRESENTATIVE DEMOCRACY!”
FIX: THE TIME IS NOW-to take patriotic non-partisan ACTION-Educate (per Facts); contact our Federal Government to: ensure Equal Civil Rights/a Democracy for all “WE THE PEOPLE”; END Federal suppression (since 1898) of US Citizens-Veterans in the US Territory of PR through admission as a State or do a Plebiscite on defined Non-Territorial Options which only are: “STATEHOOD” vs “INDEPENDENCE” or “Independence with Free Association Pact”.
“We are Stronger with a Union of States!” (“En la UNIÓN está la Fuerza!”)
Our US is a diverse, but UNITED, Union of Sovereign States (the best in the World)-with STATE: Identity, Constitution, Flag, Sovereignty, etc.)—where each State complements each other; is stronger than by it-self…; brings more Progress for the Good of All!
++Only STATEHOOD guarantees a permanent US Citizenship as “statutory” US Citizens (even if residing in a State)—likely don’t have a permanent US Citizenship as its source-is the unfair “Territorial Clause”; racist “Insular Cases”; 1917 Jones Act (that can be revoked)… (Not the 14th Amendment that doesn’t mention Territories.) (+See Summary Notes.)
“Puerto Ricans Sacrifice & Contribute to our diverse, but United-USA, since 1513!”
US Puerto Ricans (PR) are about 9+million strong (6+m-live in the States-are the 2d largest US Hispanic Ethnic Group) as they are integrated; loyally contribute (in all fields of endeavor) to our diverse, but, UNITED USA! Hispanic-PR Ancestors (1st Governor of PR) came from PR to Florida (in 1513)-107 years before the Pilgrims; brought Christianity and other good things; help pioneer & develop our now USA; Others, bravely supported/fought in the US War of Independence…
+ PR, since 1898- patriotically sacrifice; shed sweat, blood, & tears for our US Flag (WWI; WW-II; Cold War, Korea; Vietnam; Global War on Terrorism…until today); serves as a Strategic Defense Outpost-protecting the South-East approach to our USA–counter-acting, in the Caribbean and Worldwide, threats to our National Security…
+ Today- PR has restructured its debt as its economy grows; serves as a Commercial, Security, & Diplomatic Bridge to Hispanic/Latin America; pays more Federal Taxes than 6 States; has a better GDP than 14 States; is a US captive Market that creates about a million US Jobs; has the best Income per Capita than 32 Latin American Nations. PR helps grow our economy & protect our noble “UNION”—the best in the annuals of History!
“Silence to Federal suppression; supports injustice!”
Puerto Ricans (US Citizens-Veterans)-are being treated unjustly by their Federal Government that hasn’t redressed a wrong! Some say: “All People are Equal” but, mean: “Some People are more equal than others”! In our US Republic-the power should reside with-“a Government of the People, by the People, and for the People” (Lincoln)! Take non-partisan Civic Action (based on facts) to ensure Equal Rights for all “We the People”; END-PR’s Federal undemocratic Territorial Status, now!
+KEY FACTS/NOTES SUMMARY+