Letter to the Editor: Congress should not bail out Puerto Rico
I have great concern on a bill that Congressman Bob Goodlatte is supporting — a proposed bailout for Puerto Rico (H.R. 870).
I would ask that the citizens of the commonwealth notify Congress to reject H.R. 870. This legislative effort would allow the island to walk away from $164 billion in debt at the expense senior citizens, pensioners and hard-working Americans. Taxpaying bondholders from the 50 states have already suffered major losses under these bonds in Puerto Rico.
H.R. 870 is not a conservative solution; rather, it is the idea of big Democrats like Nancy Pelosi, and Puerto Rican leaders like Resident Commissioner Pedro Pierluisi and Gov. Alejandro Garcia Padilla. Puerto Rico is broken, and the leadership of the island by these two leaders has allowed this problem to spiral out of control. We urge you not to provide a gift to the Democrats.
A more appropriate and reasonable solution is to put Puerto Rico under federal oversight administration. This has support by Republicans and experts from numerous free-market organizations like the American Enterprise Institute, 60Plus and the National Taxpayers Union.
Puerto Rico has plenty of other solutions rather than a Chapter 9 filing or taxpayer-funded bailout. We ask that those options be fully exhausted, rather than placing their debt burden on taxpayers. I hope you will give serious consideration to our position, and reject H.R. 870.
Jay L. Marts, Issues Chairman, Northern Shenandoah Valley TEA Party