Summary: In Puerto Rico's recently held non-binding referendum on statehood, just 23% of the eligible voters who actually voted overwhelmingly chose statehood. 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. * A lot of people are asking me abo0ut the recent non-binding referendum in Puerto Rico on statehood * 97% of the people who bothered to vote voted for statehood over independence or maintaining the status quo * Only about 23% of the eligible voters actually voted * So most people who objected to statehood boycotted the election * So most of the people who voted were predisposed to vote for statehood * The last statehood referendum held in 2012 was even more in favor of statehood * Nevertheless, the governor of Puerto Rico, Ricardo Rosselló is going to go to Washington demanding that the will of the Puerto Rican people be addressed * If you do not know by now, I am Puerto Rican * 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 * Had I voted, I would have voted to maintain the status quo * 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 * That's why I am doing this podcast * 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 * They have a lot of debt and somehow they see statehood as a solution to this problem * Statehood for Puerto Rico is like throwing a drowning man an anchor * The worst thing that could happen to Puerto Rico is for it to become a state * 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 * The IRS doesn't exist in Puerto Rico * Puerto Ricans also do not have to deal with Obamacare - it doesn't exist there * Each Puerto Rican currently owes about $20,000 in debt * American citizens per capita owe $61,000 in debt * That's just the $20 trillion national debt * That doesn't include all the other unfunded liabilities * Right now, Puerto Ricans do not share in the U.S. national debt * If Puerto Rico becomes a state, the per capita debt goes from $20,000 to $80,000 * Because they inherit a share of the U.S. national debt * Why would they want to sign up for that?Our Sponsors:* Check out Infinite Epigenetics: https://infiniteepigenetics.com/GOLD* Check out Justin Wine and use my code SCHIFF20 for a great deal: https://www.justinwine.comPrivacy & Opt-Out: https://redcircle.com/privacy

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“What did the council decide on item 42?” — answered with the speaker and the moment.

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