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       #Post#: 2696--------------------------------------------------
       The Looming Default by Puerto Rico & Presidential Politics
   DIR By: Kerry
       Date: July 28, 2015, 8:01 am
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       Is the possible default of Puerto Rico on its bond of any
       concern?   If you care about the 2016 election, perhaps it
       should be.   The stands  politicians take on this issue now may
       determine if they win or lose in the next Presidential race.
       First of all, Puerto Ricans are American citizens and they can
       vote if they move to the mainland; and moving is exactly what
       they're doing as their economy continues to worsen.   Many have
       already left, and everyone who leaves means one less taxpayer
       there, making the economy even worse.
       Florida is getting a lot of immigrants; and remember how close
       elections can be in Florida.  National results can depend on how
       Florida votes.  From the Washington Post
  HTML http://www.washingtonpost.com/news/powerpost/wp/2015/07/06/the-daily-202-puerto-rico-bankruptcy-puts-2016-candidates-in-tough-spot/:<br
       />
       Puertorriqueños recognize their increasing political clout,
       particularly in Florida, and they promise to put it to use. In
       an interview on Telemundo yesterday, Puerto Rico Gov. Alejandro
       García Padilla threatened negative consequences for politicians
       in either party who are “passive” about giving them the
       privilege to declare Chapter 9. “Those who want the support of
       Puerto Ricans must help Puerto Rico now, not later,” he said.
       “Puerto Ricans decide the elections in Florida. That’s very
       important. By deciding the election in Florida, we can decide
       [who is the next] president of the United States.”
       The island has a debt of $73 billion.  Their state run
       electricity company by itself has a debt of $9 billion.  As CNN
  HTML http://money.cnn.com/2015/06/15/news/economy/puerto-rico-debt/<br
       />points out, their debt is about the size of New York , but
       their
       population that of Connecticut.
       Jeb Bush is in favor of changing the law to allow Puerto Rico to
       declare bankruptcy and default on its bonds.   Naturally,  Wall
       Street and the Koch brothers who fund so many politicians are
       against it.  The other Republican candidates are under pressure
       to say no.
       Senator Schumer of New York and other Democrats favor allowing
       the island to go bankrupt and will try to force a vote on it in
       the Senate, putting all the Senators running for President to
       take a stand.
       Rubio is caught between a rock and hard place.  Does he go for
       the "conservative" votes and money or for the Latino votes in
       Florida?   Back to the Washington Post story:
       “Senator Rubio has been closely watching events in Puerto Rico
       and is concerned about the economic situation there,”
       spokeswoman Brooke Sammon emailed last night. “He’s in the
       process of reviewing the legislation to make sure it is the
       right approach to begin addressing Puerto Rico’s debt crisis
       without having any negative impact on American taxpayers.”
       Spokesmen for Rand Paul, Ted Cruz and Lindsey Graham did not
       respond to requests for comment.
       In the Democratic contest, Hillary Clinton has also avoided
       taking a clear position. Martin O’Malley aggressively embraced
       the bankruptcy option last Tuesday in a play for Hispanics, and
       the former Maryland governor earned tons of free media in the
       Spanish-language press for his stance. Clinton tweeted last week
       that, “Puerto Rico’s debt crisis is not theirs alone. For PR’s
       economy to grow & their people to thrive, they need real tools &
       real support.” Asked if that means she supports the right to
       Chapter 9, a spokesman for the former secretary of State
       declined to comment.
       Clinton is trying to raise as much as she can from Wall Street
       executives who already eye her skeptically because of her
       leftward lurch to win the nomination.
       If I had to bet, I'd bet Clinton goes with  Wall Street and
       hopes to win even if she alienates Puerto Ricans.
       If relatives move to them to be close to relatives or to be
       around other Puerto Ricans, that won't change the electoral
       college in states like New York that are already overwhelmingly
       Democratic; but  other states could be affected:
       Pennsylvania, New Hampshire, Nevada, North Carolina, Virginia,
       Ohio, Wisconsin and Georgia.
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