Although the narrative from the Obama administration is one of an economy that has been humming along nicely, the reality is that the Federal Reserve primed the pump with historic and far-reaching intervention efforts. Now that the era of easy money appears to be over, the resulting slowdown — with junk bonds as a predictor — is pointing to a looming recession.
Obsessed with identity politics, the Obama administration plans to force businesses to divulge salary data — broken down by race and sex in order to “equalize” American wages.
When something is free, demand for it is unlimited. But there's always a day of reckoning, as Puerto Ricans are finding out.
No surprises here. When taxes, regulations and spending are all cut, the free market can breathe again.
Puerto Rico has been paying its debts by borrowing. Today many of those lenders are going to be disappointed.