Secretary of the Treasury Jacob Lew will meet with Puerto Rican officials on Wednesday to address the island’s mounting debt crisis. Puerto Rico has defaulted twice on its payments and it suffers with a high public debt of $72 billion, and the secretary hopes that the U.S. Congress will act by March of this year. The commonwealth’s deficit expects to stretch from $14 billion to $16 billion in the coming five years.
On the surface, it would appear that Puerto Rican authorities are resorting to fear mongering when it comes to highlighting the dire state of the Caribbean island, but this is an instance where hysterics are fully appropriate. Not only is Puerto Rico suffering from the weight of crushing debt, but also a 45 percen…
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