UPDATE: Statehood’s 210 Trillion dollar question

I am proud to have so many people who favor statehood who follow this blog.  As many of you know I was once a statehood supporter.  I changed from statehood to independence in part because I realized the United States of America, once known as the land of the free and home of the brave, had changed dramatically.

While many like to blame republicans for this, the truth is both democrats and republicans have taken the US to the brink of disaster.  The United States is now a socialist country.  While some like Glenn Beck have referred to this as ‘political system X,’ it is simply socialism in transition.  America, is no longer a free country.

In a previous article I asked my friends who are statehood supporters, how they would answer the 18 Trillion dollar question, that is the total value of the ‘official’ US national debt.  I also included this argument in my defense of independence on the PanAm Post.

The question of debt however, isn’t limited to just the official federal debt.  It also includes state and local debt, which totals more than 60 trillion dollars.  Well it turns out, not even that counts the total impact of US debt.

In an article on Forbes; writer John Goodman explains there is a lot more to the debt than the official total:

Boston University economist Laurence Kotlikoff has calculated that we are currently $210 trillion in debt – a sum that is more than 12 times our GDP. That figure is the difference between what we have promised to future beneficiaries minus what we expect to collect in premiums and taxes, given current tax rates.

Average income in Puerto Rico is just over 20 thousand dollars per year with women actually earning a few hundred more dollars per year than men.  (What wage gap?)  According to USDebtClock.org the current debt per citizen in the US based only on the official national debt total is  $56, 976.  But never fear, only taxpayers will have to actually pay right?  The current debt per taxpayer is over 150 thousand dollars.

Wishful thinking.  As we have seen in Puerto Rico, when the government gets to far into the red and has trouble paying its debts, EVERYONE pays, one way or another.

So, how does Puerto Rico, which already has the highest per capital debt ratio (local debt only) in the entire US think that becoming a state and adding another 56 thousand dollars per person is somehow going to be a good idea?  Especially when the local government says the debt is ‘unplayable’ as it is.

Now, if that doesn’t scare you out of statehood try this.  When considering the updated estimate (210 trillion dollars in debt) Puerto Rico individual citizen debt load sky rockets eleven and a half times to approximately 644 thousand dollars per person.

Strong and intellectually honest statehood supporters hold the key to Puerto Rico independence.  For decades they have demanded statehood or independence NOW!  Well my friends, ‘now’ has arrived and statehood has not.

Do you want to saddle your children with 640 thousand dollars in debt before they even get out of diapers?  Me neither.  It is passed time for true statehooders to give serious consideration to independence.  The kind of independence that MIRE is proposing.

Freedom, with free markets, natural rights, limited government and dedicated wealth creation, instead of wealth redistribution.  We should not wait for the US economic collapse, we should proactively seek independence now.

Frank Worley-Lopez

Founder, MIRE: Movimiento Independendista Republicano (Republican Independence Movement)

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About worleyf

Semi-retired Media Relations guy, former radio and TV reporter and legislative aide. Middle of the road Libertarian (as if that actually existed) who reviews current news items and stories, and offers an alternative point of view.
This entry was posted in Economy, Puerto Rico, Status and tagged , , , , , , , , . Bookmark the permalink.

One Response to UPDATE: Statehood’s 210 Trillion dollar question

  1. Pingback: Puerto Rico's One Path to Economic Independence

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