Puerto Ricans Are Fleeing The Island En Masse As Debt Crisis Worsens

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One can not blame these people. Call them internal economic refugees. It’s not unlike other parts of the United States where big local government and unsustainable patronage structures have collapsed. Puerto Rico is kind of like Detroit with palm trees in many respects.

The solution for Puerto Rico is similar to the solution for Detroit too. Basically they need to come to terms with default. The massive government employee system has to implode and a new economy, a free market, free price economy can then clear the rubble and then begin to erect a more sound system of governance and commerce. Puerto Rico has lots of things going for it. There is no reason it can’t be an island of property rights, small government, good businesses, and wealth in the Caribbean. It would constitute a near revolution but sometimes that is necessary.

(From The Daily Caller)

Puerto Rican residents are leaving the island in record numbers as the government defaults on its $70 billion of debt and its 10-year recession continues.

On net nearly 2 percent of the population has left Puerto Rico for the United Sates, according to a report released Monday by the Institute of Statistics of Puerto Rico. That’s some 64,000 people and the highest recorded figure in the last decade.

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