Puerto Rico is Bankrupt

Puerto Rico has filed for the equivalent of bankruptcy protection.  Here is why:

the oversight board appointed to lead the U.S. territory back to fiscal sustainability declared in a court filing that it is “unable to provide its citizens effective services,” crushed by $74 billion in debts and $49 billion in pension liabilities.

And there is more:

The island’s response has worsened matters. Politicians raised taxes, allowed governmental bureaucracy to balloon, borrowed to pay the bills and promised pensions that the island could not afford.

I may not be an economist but I think what they are saying is that taxes, bureaucracy and giving away free money is a bad thing.

What the article above does not mention is the the disability abuse and fraud that goes on in Puerto Rico.  Did you know that some Puerto Rico’s residents qualified for federal disability benefits because they lacked fluency in English? This is the insanity of government.  They are unable to manage these types of programs effectively.  The result is that those Puerto Ricans who are truly disabled are not getting the help they need. 

The whole thing is sad.  It is the real people with real disabilities who eventually get screwed because the money runs out.  I know I see things from my own perspective and how I see this is just another example of the government screwing things up, which eventually trickles down to affecting the health of its citizens.

 

Douglas Farrago MD

Douglas Farrago MD is a full-time practicing family doc in Forest, Va. He started Forest Direct Primary Care where he takes no insurance and bills patients a monthly fee. He is board certified in the specialty of Family Practice. He is the inventor of a product called the Knee Saver which is currently in the Baseball Hall of Fame. The Knee Saver and its knock-offs are worn by many major league baseball catchers. He is also the inventor of the CryoHelmet used by athletes for head injuries as well as migraine sufferers. Dr. Farrago is the author of four books, two of which are the top two most popular DPC books. From 2001 – 2011, Dr. Farrago was the editor and creator of the Placebo Journal which ran for 10 full years. Described as the Mad Magazine for doctors, he and the Placebo Journal were featured in the Washington Post, US News and World Report, the AP, and the NY Times. Dr. Farrago is also the editor of the blog Authentic Medicine which was born out of concern about where the direction of healthcare is heading and the belief that the wrong people are in charge. This blog has been going daily for more than 15 years Article about Dr. Farrago in Doximity Email Dr. Farrago – [email protected] 

  4 comments for “Puerto Rico is Bankrupt

  1. HJR
    May 9, 2017 at 3:58 pm

    “If you put the federal government in charge of the Sahara Desert, in 5 years there’d be a shortage of sand.”

    Milton Friedman

  2. Perry
    May 9, 2017 at 2:30 pm

    Did you know that some Puerto Rico’s residents qualified for federal disability benefits because they lacked fluency in English?
    I speak Southernese, I think I should qualify…

  3. Pat
    May 9, 2017 at 9:30 am

    Hello Venezuela

  4. Steve O'
    May 9, 2017 at 8:39 am

    They used to consider AGE>65 as a qualifier for hospice. Lord, how the money flowed in!

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