Bernie Sanders is coming to the rescue to Puerto Rico – and in pure Bernie fashion, the cost is higher than anyone could possibly expect.
A study during the 2016 primaries famously found that the cost of the Santa Claus candidate’s proposals would increase federal spending $18 trillion above the current trajectory in the next decade. In other words, an increase in the amount of spending per decade in an amount totaling just under the current national debt. What could possibly go wrong?
And with that, take a guess at the cost of Bernie’s relief package for Puerto Rico. Certainly your guess was less than the $146 billion that Bernie is proposing (an amount equal to roughly 15 percent of the federal government’s annual discretionary budget).
According to The Blaze, “Sanders’ recovery plan would rebuild Puerto Rico’s power grid using renewable energy resources, in addition to helping the island’s transportation, education, health care, and environmental needs. The plan also calls on Congress to forgive the majority of Puerto Rico’s debt.”
More: “The plan would give $51 billion for economic development, $27 billion for new infrastructure and $62 billion straight to the island’s government. The bill would also send aid to the U.S. Virgin Islands. Sanders’ plan is much more generous than what even Puerto Rico Gov. Ricardo Rosselló requested. He asked the federal government for only $94 billion. As a result, the Post noted that Sanders’ bill likely won’t get a floor vote in Congress.”
So it’s a relief package – and a bailout. I suppose Sanders and co. are looking to build some goodwill in the event that Puerto Rico ever gains statehood. The territory’s resident anti-Trump mayor, San Juan’s Carmen Yulin Cruz, has welcomed the Sanders plan, stating, “While dealing with all major areas of immediate concern: energy, health and education [the plan] also sets the foundation to make Puerto Rico a more equitable, just and fair society for all. Senator Sanders also shows a great deal of respect and faith in us when claiming that the recovery [of] Puerto Rico must be in Puerto Rican hands.”
Bernie is joined by Kristen Gillibrand, Elizabeth Warren, and Kamala Harris, who are co-sponsors of the bill.
Puerto Rico has already been suffering a debt crisis that’s snowballed this year. The island has over $70 billion in outstanding debt, with a population of only 3.6 million and labor force participation rate of 40 percent. While it’s doubtful Bernie’s relief plan will garner much support, if it passes, don’t expect the taxpayers of the mainland to ever be paid back.
Share this story with others now to show that, once again, Bernie is a spendthrift who can’t be trusted.
