Where We Go From Here, by Bernie Sanders: on Welfare & Poverty

Bernie Sanders: Puerto Rico nearly bankrupt after Great Recession

As a result of its economic crisis, the Puerto Rican government was deep in debt and heading toward bankruptcy. Wall Street institutions, sensing the opportunity to make a killing at the expense of a weak and impoverished territory, were there to "help." They lent the government money at usurious interest rates.

In 2015, Puerto Rico owed over $70 billion and was paying, in some cases, a 34% interest rate on tax-exempt bonds that vulture capitalists purchased at 29 cents on the dollar. The people of Puerto Rico should not be forced to suffer even more in order that a handful of wealthy investors could make outrageous profits. I called on those investors to take a major "haircut" and understand that they could not make huge profits off a deeply impoverished and suffering island.