David Fischer was recently a guest on the Kevin McCullough show. He addresses the long term impact the devastation in Puerto Rico will have on our economy as well as updates on the national budget that is floating around the House of Representatives.
Puerto Rico and the Economy
David’s Interview Starts at 8:25
– Trumps comments about erasing Puerto Rico’s debts damaged the Puerto Rican bond market. Most of Puerto Rico’s bonds are held by citizens in the continental US, 25% are held by Puerto Ricans.
– A FEMA loan with stringent paybacks could set Puerto Rico up for default down the line.
– House has passed a budget which still has to go through the Senate and the President. Economists are estimating it will add 2.6 trillion to the national debt but it will be good for economic development and wages.