by Dan Liljenquist for the Deseret News

 

This week Congress will consider legislation to help Puerto Rico restructure its staggering debts. This tiny island, only 100 miles across but with 3.5 million people, owes more than $115 billion ($71 billion in bond debt and another $44 billion in pension debt). 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. Puerto Rico can’t pay its debts, and has already defaulted on $400 million in bond payments.

Read more of Liljenquist's commentary here.