Presidential races

In Puerto Rico, Sanders calls on Congress to address debt crisis

Democratic presidential candidate Bernie Sanders called Monday on Congress and the Obama administration to address the debt crisis in Puerto Rico “as soon as possible” during a town hall on the island.
 
“The people of Puerto Rico are experiencing enormous economic pain as a result of a depression that has now lasted more than a decade,” Sanders said in San Juan.
 
{mosads}Since 2006, he said, Puerto Rico has lost 20 percent of its jobs and that 60 percent of the adult population is either unemployed or has given up looking for work.
 
“At a time when the rich is getting richer, Puerto Rico now has more income inequality than any state in the United States,” Sanders said.
 
Sanders said he understands Puerto Rico’s debt is “unsustainable” and “unpayable” and that it “must be restructured.”
 
“Puerto Rico must be given the time it needs to grow its economy, to create jobs to reduce the poverty rate and expand its tax base so that it can pay back its debt in a way that is fair and is just,” he said.
 
He also called for the Federal Reserve to use its emergency authority under the Federal Reserve Act to “pave the way for an orderly restructuring” of Puerto Rico’s debt. He said there needs to be an independent audit of Puerto Rico’s debt.
 
Sanders trails far behind former Secretary of State Hillary Clinton in the race for the Democratic nomination and has sought to attack her from the left on economic issues.
 
Puerto Rico holds its Democratic primary on June 5, two days before a massive trove of delegates will be awarded, including those from California and New Jersey.
 
“I believe that Congress should act immediately to give Puerto Rico the same authority granted to every municipality in this country to restructure its debt under the supervision of a bankruptcy court,” he said.

“If elected president of the United States, you will have an ally in the Oval office.”