I’m referring to Puerto Rico, which just defaulted on bond payments. At fault is the same ruinous welfare state system as in Greece. Jacob Hornberger elucidates in this piece.
He correctly observes that while the welfare state breeds parasitism and gradually undermines a country’s ability to produce, those who promote it can never admit that. Blame must always be placed elsewhere.
But maybe my title should be “North America’s first Greece.”
