Democracy’s Death Spiral

(Hat tip: KimR) - On Monday, Puerto Rico missed a payment on $422 million worth of bonds. If the United States doesn’t come to the rescue, this will be only the first of many defaults to come. In all, the island has $72 billion in debt and an additional $46 billion in unfunded pension liabilities – totaling more than the country’s annual GDP. As debt mounts, potential taxpayers are fleeing: 84,000 Puerto Ricans moved to the United States just last year alone. Read more at Townhall.com