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Trump calls Puerto Rico ‘one of the most corrupt places on Earth’

   July 29, 2021  46 Comments on Trump calls Puerto Rico ‘one of the most corrupt places on Earth’

The president has railed against the island since Hurricane Maria, when he tossed paper towels to storm victims and complained about the cost to rebuild. READ MORE: https://abcn.ws/2Zo1Ims

#ABCNews #Trump #PuertoRico #Hurricane #Politics

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46 thoughts on “Trump calls Puerto Rico ‘one of the most corrupt places on Earth’”

  2. Wow! That corruption must be something fierce when it impressed a man like Trump so deeply. Also, if he is pointing out what desperately needs to be corrected, then his criticism is intended to help. The only ones that should be angered at such criticism are the thieves involved.

  9. He talks corruption ? He's one to talk this guy is one of the most corrupt presidents we ever had who was impeached twice and started along with his sons , the Capitol mob attacks on our Capitol.

  11. That's funny since Puerto Rico asked Donald Trump for help when they got hit by that devasting hurricane and he told them no. That's funny considering it was trump's job to help Puerto Rico because they are American Citizens and can vote for a United States president. Puerto Ricans can fly over to the United States whenever they want without a passport. their government is the United States Federal Government.

  12. It is Corrupt, Puerto Rico has more than $70 billion in debt because of pass funding and billions of grants..that's your tax dollars. You don't See Hawaii, US Virgin Island and Samoa who's also a US territory always begging for aid. They are self reliant. Your being duke by these manipulative criminals. Just watch the propaganda start spreading in the states.

    Published
    By Mark DeCambre

    President Donald Trump has said it would be prudent to wipe out the island’s debt burden
    Puerto Rico, and domestic entities linked to the U.S. territory, owe creditors more than $70 billion. A double-whammy of devastating hurricanes in recent months, Maria and Irma, only exacerbated the plight of the Caribbean island that sits about 1,150 miles south of Florida. Even before the natural disasters had struck, former Gov. Alejandro García Padilla (who was succeeded by Gov. Ricky Rossello) declared its situation a “humanitarian crisis.”

    Why is Puerto Rico in such bad economic shape?

    More than a decade of economic decline and ballooning deficits, amplified by an exodus of the territory’s best and brightest, including doctors, to the U.S. has dealt a heavy blow to the Puerto Rican economy. It has been in a recession, defined as at least two consecutive periods of declining growth, since 2006.

    The Commonwealth had an unemployment rate of 12% before the hurricanes, compared with an unemployment of 4.4% for the U.S., as of August.
    43.5% of its residents live below the poverty line, according to U.S. Census Bureau data, more than double that of Louisiana and Mississippi.
    Its population is 3.4 million as of July 1, 2016, representing a decline of more than 8% since 2010.
    The island’s debt load represents $12,000 per capita, with its debt representing more than three-quarters of its annual gross national product, which would make it one of the most indebted countries in the world.
    As a U.S. territory, the island uses the U.S. dollar, That means it can’t devalue its currency in a bid to improve competitiveness.

    How has Puerto Rico been funding itself?

    Puerto Rico lost access to the traditional municipal bond market in February 2013 after ratings firms downgraded it to so-called junk status. That has made it more expensive for the country to fund itself because lenders demand a greater return to lend to creditors considered on the lowest rung by credit-ratings firms. In March 2014, the island sold $3.5 billion in debt, with an 8.5% coupon, entirely to hedge funds.

    Since then, Puerto Rico has been employing severe belt-tightening measures, including delaying payment of tax refunds, liquidating pension and other compensation funds and deferring payments on a host of other obligations.

    A third of the island’s money had been used to service its debt as of 2016. At the end of 2014, three public pension funds held just $2 billion in assets against a combined estimated pension liability of $46 billion.

    Is all that sustainable? No

    Puerto Rico filed for the equivalent of bankruptcy on May 3, with the aim of shrinking its burdens by $123 billion, which include a host of general obligation bonds.

    Because Puerto Rico isn’t technically a municipality, Congress invoked a law that places the debtor and its creditors before a federal judge in San Juan to go through a restructuring process known as Title III—a pseudo bankruptcy filing for the U.S. territory, which isn’t eligible for chapter 9 bankruptcy as U.S. municipalities are.

    What does Puerto Rico owe?

    $17.8 billion in so-called general obligation bonds
    17.6 billion in obligations issued by Puerto Ricos Sales Tax Financing Corp.
    $9 billion in debt from Puerto Rico’s Electric Power Utility Authority, known as PREPA
    $52.2 billion in pension-related debt
    $21 billion in other obligations linked to utilities and other agencies
    How did Hurricane Maria affect this ugly situation?

    Moody’s Analytics estimates the damages from Hurricane Maria could result in a price tag as high as $95 billion. Moreover, the means by which to services its debts—its people and its infrastructure—are ravaged, or at least severely under strain, in the wake of the hurricanes. Hurricane Irma also struck the island, but Maria delivered the most severe hit.

    Who are Puerto Rico’s creditors?

    A mix of hedge funds, mutual funds and retail investors, many of whom are Puerto Rican residents, are holders. The hedge-fund groups, most vocally, have been ensnared in tense negotiations with Puerto Rican officials and the U.S. government, which designed an aid package, known as Promesa, or Puerto Rico Oversight, Management and Economic Stability act, to help facilitate a way out of the island’s dilemma. Promesa offers the territory a largely out-of-court process, known as Title VI, that focuses on financial debt and “relies on a collective action mechanism to bind dissenting creditors to the agreement of the debtor and a supermajority of its creditors to restructure its debt.”

    Many creditors are worried that any agreement will result in steep cuts on their principal investments.

  13. We’ll see if President Biden insults Texas governor, calls the state dirty, and stalls for months when they come begging for disaster relief from winter storm.

  18. 1) It is corrupt, 2) People were smiling as he was throwing the towels, they had lost everything and the President doing that put a smile on their faces, 3) "complained about the cost" was clearly making a light-hearted joke about America diverting funds to the island.

    It's sickening the level of corruption of the MSM

  21. Puertorricans know their country is corrupt, but they don't do anything to improve it. They keep voting for the same corrupts over and over again. Then there comes Mr. Trumpet, he says out loud what puertorricans already know… and they get mad!

    ¡Puerto Rico lo hace mejor!

  25. Coming from a member of one of the most corrupt institutions on the face of the earth. Kettle? It’s Pot on line 2

  30. Puerto Rico is one of the most corrupt places in earth and I’m Puerto Rican. There’s nothing wrong with stating the truth. And obviously he was joking about the money.

  31. Corrupt music, corrupt society, corrupt manners, corrupt parenthood and corrupt politics. This is True no doubt it. Look how this affects the kids nowadays with technology and regayton. Puerto Rico should be grateful if Trump decides to Liberate the island as it's own nation to deal with their problems on their own once he gets his second term. As Puerto Rico holds no value for the United States economically nor it's usefulness from the People of Puerto Rico especially in US soil exploiting social security while they are sitting in their cramp apartment doing nothing to pay back and demand more sanctuary. Puerto Rico is the most Corrupt place indeed.

  32. As a Puerto Rican MYSELF, I have hated the way Trump treated us all this years, he troen toilet paper at our faces, that was very disrespectful of him. He has called us A disaster. He many insults of us, and never gave us the full attention. We're trying to give Joe Biden another chance bc he believes on BLM, Womans rights, LGBTQ+ rights, Latinos rights, Hispanic rights. Trump said alot of time too get a woman you have to grap them BY THR P*SSY. And has been REALLY disrespectful towards the black people, LGBTQ+ community, Hispanic,Latinos and Asian people.

    (Ahora en español)

    Como puertorriqueño, he odiado la forma en que Trump nos trató todos estos años, nos arrojó papel higiénico en la cara, eso fue muy irrespetuoso con él. Nos ha llamado desastre. Nos insultó mucho y nunca nos prestó toda la atención. Estamos tratando de darle a Joe Biden otra oportunidad porque él cree en BLM, los derechos de la mujer, los derechos LGBTQ +, los derechos de los latinos, los derechos de los hispanos. Trump dijo que mucho tiempo también para conseguir una mujer, tienes que agarrarlos POR THR P * SSY. Y ha sido REALMENTE irrespetuoso con los negros, la comunidad LGBTQ +, los hispanos, los latinos y los asiáticos.

  33. Nunca olvide cómo Trump trató a la isla y a la gente de Puerto Rico. Con poco respeto llamando a la isla un agujero de mierda. Vote Blue por el bien de todos los latinos y Puerto Rico. Nunca olvides.

  38. Well, I am puertorican and it’s true . The corruption in PR is rampart. Trump told the truth. People can’t Handle the truth.

  43. One of the most corrupt places on earth🤔🤔 hmmm there’s a lot of places on this earth so that’s interesting🤦‍♂️🤦‍♂️

  45. Yes i am Puertorican and it is true. The most corrupt place on earth because the government and the president of PR Trump and the millions of dollars the is Landry by the federal US government 🙄 But the people are left behind to pay for their corruption.

  46. Dijo la verdad, el papel ya estaba ahí para hacerlo lucir mal mi gente. No se dejen engañar de los demócratas que por años son amigos de perluisi PNP. Los populares son más conservadores arriba Trump 2020

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