For those interested in "democratic socialism" Puerto Rico comes handy as the closest US-made example.
"More than two years into bankruptcy, there is still no agreement on the budget and no access to capital markets. On July 3 the oversight board sued the governor in federal court over his decision to allow municipalities to transfer some $330 million in pension and health-insurance costs to the bankrupt commonwealth."
The island got a pass from US Republican and Democratic Congress (a rare coalition between Paul Ryan -remember that fiscal plan?- and Nancy Pelosi) to bypass its Constitution and declare default.
The banana republic picture completes with across the political spectrum accusations of corruption and mismanagement.
Puerto Ricans keep voting with their feet, migrating to continental US, like Alexandria Ocasio-Cortez's parents did a generation ago, migrating from Puerto Rico's misery to Bronx's low income class.
US capitalism gave ther daughter the chance to go to college where -like many second-generation migrant children- she became fascinated with the eternal promise of "democratic socialism". At just 29 years, the young and talented Alexandria became congresswoman for her adoptive Bronx.
Puerto Rico didn't do so well. Thanks to the kind of policies now promoted by AOC and her progressive "squad" caucus, net migration remained negative
Leaving an overpopulation of pensioners without working-age contributors to the pension system:
Which is exactly what happens when welfare states grow without welfare. Florida will benefit from working-age Puerto Ricans paying into Social Security and pension systems:
The next step of this example of "democratic socialism" will be a haircut for American bond holders.
More on Puerto Rico's bankruptcy and Puerto Rico's PROMESA
More on Puerto Rico's bankruptcy and Puerto Rico's PROMESA
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