Puerto Rico is bankrupt, and if you think that is hyperbole, just look up the definition of bankrupt in Webster’s dictionary. I will save you the trouble; here it is: “bankrupt: a person, business, etc., that is unable to pay its debts.” On Monday, Puerto Rico defaulted on a $400 million debt repayment, and its governor, Alejandro Garcia Padilla, has said that there are more defaults to come. Puerto Rico, an island with just 3.5 million people, has racked up debts of $115 billion ($71 billion in bond debt and another $44 billion in pension debt) over the past couple of decades. That equates to a per person debt burden of nearly $33,000 for every man, woman and child on the island where the median family income is $19,000 per year.
Read more of Liljenquist's special to the Deseret News here.