Legalized Pot Could Help Solve The Puerto Rico Debt Crisis

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The Puerto Rican economy is in trouble, going through a recession and dealing with about $70 billion in total outstanding debt. The commonwealth paid only $628,000toward a $58 million debt bill due Monday to creditors of its Public Finance Corporation. Governor Alejandro Garcia Padilla is desperately trying to come up with a restructuring plan to eliminate the debt.

Just how bad is it? People are leaving the island in search of a better life elsewhere. In fact, unemployment in Puerto Rico is more than double the rate in the mainland United States. Three thousand doctors have moved out in the last five years, as have many other professionals headed to the U.S. to earn a better living.

Puerto Rico is in a debt crisis because the government has overspent for years while the island's economy has shrank. The commonwealth borrowed too much money trying to offset declining government revenue, and bonds were gobbled up by U.S. investors because the...

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