Lawrence W. Reed ― The Man Who Sowed the Seeds of Puerto Rico’s Collapse

Lawrence W. Reed, the president of the Foundation for Economic Education and former president of the Mackinac Center for Public Policy, investigates the historical roots of Puerto Rico's debt woes.


(Foundation for Economic Education)

"The Commonwealth of Puerto Rico is a US territory in the northeastern Caribbean. Its governor, Alejandro García Padilla, startled the world back in June when he announced that the island cannot pay back its $72 billion public debt.

“The debt is not payable,” García Padilla said. “There is no other option. I would love to have an easier option. This is not politics; this is math.”

He called the situation a “death spiral.” Suddenly, millions of Americans were learning what a basket case the Puerto Rican economy has become. It is indeed a crisis but one that was, to an embarrassing extent, made right here in America.

It was foisted on Puerto Ricans by one lousy New Dealer in particular. His name was Rexford Guy Tugwell."

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