"Puerto Rico faces its worst economic crisis in more than a century due to a $72 billion debt burden that is unpayable. If Puerto Rico is unable to restructure its debts, the island will descend into an economic crisis that will wipeout savings, pensions and compromise its economic viability for generations to come," read the petition created by Hispanic Federation.
The petition, found on the White House "We the People" petition website, calls for President Barack Obama to "decisively" act for the 3.5 million U.S. citizens living in Puerto Rico. Although Puerto Rico is a U.S. territory, residents born on the island are still U.S. citizens.
Hispanic Federation urged Obama to create a federal agency review of policies that have negatively affected Puerto Rico's economy. Furthermore, the petition calls for the federal review to include the commonwealth's health care reimbursements.
As of Oct. 6, at 3 p.m. EDT, the petition attracted slightly more than 3,500 signatures. The White House, however, requires 100,000, total, signatures by Oct. 12, to warrant a response.
Puerto Rico Gov. Alejandro Garcia Padilla said the island's current debt is "unpayable" and its size impedes the commonwealth from improving. According to Garcia Padilla, Puerto Rico inherited more than $70 billion of debt -- a figure he claimed "is essentially the same" as two years ago, but he denied allegations that the debt is solely the result of loans. The island's economic struggles have resulted in residents migrating out of the island. According to the U.S. Census Bureau, Puerto Rico's population dropped by 50,000 annually, with lack of employment as one main motive for migration.
From Washington, D.C., elected officials have tried to help Puerto Rico's struggles. In the House of Representatives in July, Resident Commissioner Pedro Pierluisi, Puerto Rico's non-voting congressman, introduced H.R. 970, which would grant the island the same bankruptcy law benefits as U.S. states. The Senate also introduced a complementary bill, S. 1774. The two bills have yet to be debated.
Hispanic Federation noted Puerto Rico's debt is the equivalent to New York State, despite the former having an economy 17 times smaller, more than 30,000 unemployed people, higher poverty rate than the U.S. average and an unemployment rate that's five-percentage points higher than any U.S. state
A for sale sign is seen hanging from a balcony next to a Puerto Rican flag in Old San Juan as the island's residents deal with the government's $72 billion debt on July 1, 2015 in San Juan, Puerto Rico. Governor of Puerto Rico Alejandro García Padilla said in a speech recently that the people of Puerto Rico will have to make sacrifices and share the responsibilities to help pull the island out of debt. ( (Photo : Joe Raedle/Getty Images)
By Michael Oleaga (m.oleaga@latinpost.com)
Puerto Rico Debt Crisis: National Latino Group Petitions White House to 'Decisively' Act
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