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Summary:
\nIn Puerto Rico's\xa0 recently held non-binding referendum on statehood, just 23% of the eligible voters who actually voted overwhelmingly chose statehood.\xa0 This would mean that Puerto Rico would keep its current debt and take on the $20 trillion U.S. national debt. This would offer the moral hazard of offering Puerto Ricans additional welfare benefits. The last thing Puerto Ricans need is to be in a situation where it is more attractive not to work.
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\n \t* A lot of people are asking me abo0ut the recent non-binding referendum in Puerto Rico on statehood
\n \t* 97% of the people who bothered to vote voted for statehood over independence or maintaining the status quo
\n \t* Only about 23% of the eligible voters actually voted
\n \t* So most people who objected to statehood boycotted the election
\n \t* So most of the people who voted were predisposed to vote for statehood
\n \t* The last statehood referendum held in 2012 was even more in favor of statehood
\n \t* Nevertheless, the governor of Puerto Rico, Ricardo Rossell\xf3 is going to go to Washington demanding that the will of the Puerto Rican people be addressed
\n \t* If you do not know by now, I am Puerto Rican
\n \t* I am an American citizen residing in Puerto Rico so I vote in Puerto Rican elections I do not vote in U.S. National elections, but I am away from Puerto Rico at present
\n \t* Had I voted, I would have voted to maintain the status quo
\n \t* I don't want Puerto Rico to become an independent country, but the last thing I would want is for Puerto Rico to become a state
\n \t* That's why I am doing this podcast
\n \t* Most of the articles I'm reading on this issue address the idea that state will somehow benefit Puerto Rico, because they have been in a recession for 10 years, they have high unemployment
\n \t* They have a lot of debt and somehow they see statehood as a solution to this problem
\n \t* Statehood for Puerto Rico is like throwing a drowning man an anchor
\n \t* \xa0The worst thing that could happen to Puerto Rico is for it to become a state
\n \t* If Puerto Rico becomes a state, every person who lives in Puerto Rico, who is currently exempt from paying Federal income tax will now have to pay it
\n \t* The IRS doesn't exist in Puerto Rico
\n \t* Puerto Ricans also do not have to deal with Obamacare - it doesn't exist there
\n \t* Each Puerto Rican currently owes about $20,000 in debt
\n \t* American citizens per capita owe $61,000 in debt
\n \t* That's just the $20 trillion national debt
\n \t* That doesn't include all the other unfunded liabilities
\n \t* Right now, Puerto Ricans do not share in the U.S. national debt
\n \t* If Puerto Rico becomes a state, the per capita debt goes from $20,000 to $80,000
\n \t* Because they inherit a share of the U.S. national debt
\n \t* Why would they want to sign up for that?
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