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https://www.hillaryclinton.com/the-briefing/statement-puerto-rico/ Statement from Hillary Clinton on Puerto Rico The people of Puerto Rico are hurting right now under a weak economy that has been struggling for years. Puerto Ricans are proud American citizens who work hard and contribute to our Nation every day and they deserve a chance to get ahead. Congress and the Obama Administration need to partner with Puerto Rico by providing real support and tools so that Puerto Rico can do the hard work it will take to get on a path toward stability and prosperity. The challenge is multi-faceted, and will ultimately require Puerto Rico to find a way to pay back its debtors in an orderly fashion. As a first step, Congress should provide Puerto Rico the same authority that states already have to enable severely distressed government entities, including municipalities and public corporations, to restructure their debts under Chapter 9 of the Bankruptcy Code. We're not talking about a bailout, we're talking about a fair shot at success. We also have to step back and look hard at how Puerto Rico’s economy arrived at this dire situation. The deficit is a consequence of an economy that has lagged that of the States for decades and shrunk for eight of the last nine years. Puerto Rico needs a longer-term plan to address a declining population, eroding employment base, high utility rates and the impact of unequal federal investments. It will take tough decisions and real economic reforms. But we should also recognize that the inconsistent — and incoherent — treatment of Puerto Rico in federal laws and programs has substantially contributed to the economic decline. One troubling example of this treatment is the lack of equity in federal funding for Puerto Rico under Medicaid and Medicare. This problem has been demonstrated in recent months by a scheduled cut in Medicare Advantage premium reimbursement rates. In 2008, I called for an end to the disparate treatment of Puerto Rico in federal health programs. Today, I renew that call, and commit to helping Puerto Ricans get on a path towards equal treatment under Medicaid and Medicare and other federal programs. Underlying all of this is the fundamental question of Puerto Rico’s ultimate future. That question needs to be resolved in accordance with the expressed will of our fellow citizens, the people of Puerto Rico. Declaraciones de Hillary Clinton acerca de la situación económica de Puerto Rico El pueblo de Puerto Rico está sufriendo por una economía que ha estado en crisis por años. Como estadounidenses, contribuyen diariamente a nuestro país y merecen una oportunidad para salir adelante. El Congreso de los Estados Unidos y la Administración de Obama tienen que apoyar a Puerto Rico y proveer las herramientas necesarias para que pueda enfrentar el desafío y volver a la estabilidad y prosperidad. El desafío es multifacético y requiere que Puerto Rico encuentre una forma adecuada de pagar sus acreedores. Como primer paso, El Congreso de los Estados Unidos y la administración del Presidente Obama necesitan extender la misma autoridad fiscal que tienen los estados individuales de los E.E.U.U. a Puerto Rico para que las entidades gubernamentales bajo condiciones extremas, incluyendo los municipios y corporaciones, puedan restructurar sus deudas bajo el capítulo 9 del Código de Bancarrota. No se trata de un rescate económico, se trata de proveer una oportunidad justa para Puerto Rico. También tenemos que hacer un análisis profundo para determinar claramente cuáles fueron las causas de la presente situación económica. El déficit es una consecuencia de una economía que no ha crecido como la de los E.E.U.U. y que ha contratado durante 8 de los últimos 9 años. Puerto Rico precisa un plan a largo plazo para enfrentar la erosión de la base de empleo, el alto costo de los servicios públicos, el descenso de la población y la inconsistencia en la inversión federal. Requiere decisiones difíciles y reforma económica real. Tenemos que reconocer el tratamiento inconsistente e incoherente de Puerto Rico bajo leyes y programas federales, un tratamiento que ha contribuido al declive económico. Un ejemplo perturbador es la falta de igualdad en la asignación de fondos federales para Puerto Rico en Medicaid y Medicare. El problema ha sido comprobado recientemente por una reducción en el reembolso de las tasas de Medicare Advantage. En 2008, yo solicité que se terminara el tratamiento desigual de Puerto Rico en los programas federales de salud. Hoy lo solicito de nuevo y me comprometo a apoyar a los puertorriqueños para que sean tratados de forma igual en Medicaid, Medicare y otros programas federales. Subyacente a todo esto, está la pregunta fundamental del destino de Puerto Rico. Esa pregunta necesita ser respondida de acuerdo a la voluntad expresada por nuestros compatriotas estadounidenses del pueblo de Puerto Rico. https://berniesanders.com/issues/puerto-rico/ Ending the Humanitarian Crisis in Puerto Rico · Twitter<https://twitter.com/home?status=https://berniesanders.com/issues/puerto-rico/%20via%20%40BernieSanders> · Facebook<https://www.facebook.com/share.php?u=https://berniesanders.com/issues/puerto-rico/> · Email Link<mailto:?subject=Ending%20the%20Humanitarian%20Crisis%20in%20Puerto%20Rico&body=%E2%80%9CRight%20now%20in%20Puerto%20Rico,%20the%20government%20is%20struggling%20with%20an%20unsustainable%20amount%20of%20debt.%20Rather%20than%20restructuring%20that%20debt%20in%20a%20way%20that%20protects%20the%20people%20of%20Puerto%20Rico,%20a%20small%20group%20of%20hedge%20fund%20billionaires%20are%20demanding%20extreme%20austerity%20policies%20that%20would%20decimate%20public%20services,%20including%20the%20firing%20of%20teachers%20and%20the%20closing%20of%20schools.%20It%20is%20unacceptable%20that%20these%20Wall%20Street%20investors%20will%20reap%20huge%20profits%20off%20the%20suffering%20and%20misery%20of%20the%20Puerto%20Rican%20people.%20These%20creditors%20must%20be%20forced%20to%20negotiate%20a%20debt%20repayment%20plan%20that%20is%20fair%20to%20both%20sides%20%E2%80%93%20the%20people%20of%20%E2%80%A6%20Read%20more%20about%20it%20https://berniesanders.com/issues/puerto-rico/> “Right now in Puerto Rico, the government is struggling with an unsustainable amount of debt. Rather than restructuring that debt in a way that protects the people of Puerto Rico, a small group of hedge fund billionaires are demanding extreme austerity policies that would decimate public services, including the firing of teachers and the closing of schools. It is unacceptable that these Wall Street investors will reap huge profits off the suffering and misery of the Puerto Rican people. These creditors must be forced to negotiate a debt repayment plan that is fair to both sides – the people of Puerto Rico deserve nothing less.”— Bernie Sanders Bernie is committed to addressing the unprecedented challenges facing the Puerto Rican people, and has engaged with many community, political and civic leaders both on the island and the continental U.S. These conversations have given him an understanding of what the people of Puerto Rico need from the next American president, and how to address the economic crisis in a manner that is both effective and responsive to the needs of the people of Puerto Rico. Bernie’s plan for Puerto Rico would build on his broader agenda for America, and focus on strengthening middle and working class Puerto Rican families. RESOLVING THE DEBT CRISIS “When people are suffering and hurting, you don’t continue to squeeze them. We cannot allow Puerto Rico’s budget to be balanced on the backs of the most vulnerable people – working families, veterans, the elderly, children and the poor. It is not only morally wrong, it is also economically unsustainable.” — Bernie Sanders Puerto Rico’s debt crisis and harsh austerity measures are making a very difficult economic situation even worse. Today, more than 45 percent of the Puerto Rican people are living in poverty, and the childhood poverty rate is a staggering 56 percent. Meanwhile, the official unemployment is more than 12.5% — more than twice the national average – and real unemployment is much higher still. It is no wonder that an estimated 84,000 thousand people fled the island last year, and more than 1,000 are moving to Florida every week. The crisis is not only causing suffering and despair for Puerto Ricans living on the island, but is impacting their families on the U.S. mainland. This situation will spiral even further out of control if no adequate plan of action is implemented. Bernie is fighting for economic justice for Puerto Rico: · At an October, 2015 Senate Energy Committee hearing, Bernie challenged Puerto Rican government leaders and U.S. Treasury Department officials to implement common sense solutions to help solve Puerto Rico’s debt crisis. For instance, he urged the officials to transition away from expensive imported oil and toward clean and locally-produced electricity sources. Bernie also noted that Wall Street “vulture funds” knew they were making risky investments in Puerto Rico’s debt that could only be repaid by exacerbating the misery of the Puerto Rican people – and that it is only fair that they take “a pretty significant haircut” on their investments. · Shortly after, Bernie sent a letter to U.S. Secretary of Treasury Jack Lew urging the Obama Administration to convene a meeting with Puerto Rican leaders, its creditors, labor unions, business leaders, and pension advocates to work out a debt repayment plan that is fair to all sides. Bernie understands that Puerto Rico’s unsustainable debt has everything to do with the policies of austerity and the greed of large financial institutions. Bernie will fight to ensure that Puerto Rico is able to rebuild its economy, create good-paying jobs and expand its tax base by: · Fighting to give Puerto Rico the same Chapter 9 bankruptcy protections that exist for municipalities in the United States. Puerto Rico should be able to restructure its debt in a rational and organized way that protects its people without harming ordinary investors and pension funds in the United States. · Auditing Puerto Rico’s debt to investigate whether it was incurred legally. If any debt was issued to creditors in violation of Puerto Rico’s Constitution, it must be immediately set aside. · Reversing austerity measures that have harmed children, senior citizens, and the most vulnerable people in Puerto Rico. · Creating new jobs and making Puerto Rican businesses more competitive in the global economy by enacting a national jobs program to rebuild our crumbling infrastructure. Bernie’s Rebuild America Act would create more than 150,000 good-paying jobs in Puerto Rico and put 13 million people to work all over the U.S. This plan would help rebuild Puerto Rico’s crumbling roads and bridges, improve its ports, upgrade its drinking water and wastewater plants, and fortify flood control projects. It would also improve public transportation within cities like San Juan, Ponce, Bayamon, and Carolina, modernize Puerto Rico’s aging electric grid and expand high-speed broadband networks all across the island. [SigDems]<http://www.democrats.org/>Luis Miranda, Communications Director Democratic National Committee 202-863-8148 – [email protected]<mailto:[email protected]> - @MiraLuisDC<https://www.twitter.com/MiraLuisDC>