This article originally appeared in the Quad City Times. Click here to read the full article.
By Jeff Patch and Ike Brannon
Why Iowans should care about a Puerto Rico bailout. What’s the matter with Puerto Rico, and why should Iowans care?…
It’s become increasingly clear that Congress will soon need to provide some sort of assistance to the U.S. Territory. The island has weathered a decade of recession, holds $72 billion in debt it cannot fully repay, and its pension plan verges on bankruptcy.
Widespread agreement exists that something must be done, but no easy fix has emerged. As chairman of the Senate Judiciary Committee, Republican Sen. Chuck Grassley, sits at the epicenter of this crisis. Iowa taxpayers should closely watch how Congress resolves this issue because it could end up worsening the state’s finances.