It is unfortunate that the Republican Congress is contemplating a taxpayer-funded bailout of Puerto Rico. It’s even more unfortunate that Jeb Bush is supporting this proposal. Chapter 9 bankruptcy is no solution, and will be quite damaging to seniors, to taxpayers and to good governance.

Puerto Rico’s financial unraveling has been coming for years. Its debt obligations now add up to a jaw-dropping $164 billion. Dozens of factories have closed, and tens of thousands of people have moved to the U.S. Its bonds are junk status, and new investment, which is badly needed, is screeching to a halt. The government will most likely shut down this summer.

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