Puerto Rico’s Economic “Death Spiral” is Tied to Legacy of Colonialism

Could Puerto Rico become America’s Greece? That’s a question many are asking as the island faces a devastating financial crisis and a rapidly crumbling healthcare system. Puerto Rico owes $72 billion in debt. $355 million in debt payments are due December 1, but it increasingly looks like the U.S. territory may default on at least some of the debt. Congress has so far failed to act on an Obama administration proposal that includes extending bankruptcy protection to Puerto Rico and allocating more equitable Medicaid and Medicare funding for the island. Meanwhile, Puerto Rican leaders in the United States are planning a massive lobbying day in Washington in early December to spur congressional action. In a holiday special, we feature a major speech by Democracy Now! co-host Juan González on “Puerto Rico’s Debt Crisis: Economic Collapse in America’s Biggest Colony and What Can Be Done About It.”

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