Puerto Rico Debt Crisis "a Cautionary Tale" for Misled U.S. Taxpayers

A Puerto Rico debt crisis of epic proportion is officially underway. The U.S. territory defaulted Aug. 3, handing over only 1% of the $58 million owed. It owes $72 billion in total -- a debt load that's by far larger per capita than any of the 50 states. But Puerto Rico's default is nothing compared to what's in store for American taxpayers - who have been misled by Washington into thinking the government's unfettered borrowing can go on forever... "The Puerto Rico debt crisis should serve as a cautionary tale of how debt heaped upon debt, even to a U.S. Commonwealth, ultimately meets its reckoning," Money Morning Special Contributor Michael E. Lewitt told readers. You see, the irresponsible fiscal promises that caused Puerto Rico's default are being perpetrated by U.S. federal, state, and local governments every single day. Of course, it's taxpayers that will be left on the hook for the government's multi-billion-dollar mistakes... Tags: how much does Puerto Rico owe , Puerto rican bonds , Puerto rican debt , Puerto rican debt crisis , Puerto Rican default , Puerto rican economic crisis , Puerto rican financial crisis , Puerto rico , Puerto rico bonds , Puerto rico debt , Puerto rico debt crisis , Puerto Rico default , Puerto rico economic crisis , Puerto rico financial crisis , Puerto rico government bonds , Puerto rico in debt , Puerto rico municipal bonds , what happened to Puerto rico To get full access to all Money Morning content, click here About Money Morning: Money Morning gives you access to a team of ten market experts with more than 250 years of combined investing experience – for free . Our experts – who have appeared on FOXBusiness, CNBC, NPR, and BloombergTV – deliver daily investing tips and stock picks, provide analysis with actions to take, and answer your biggest market questions. Our goal is to help our millions of e-newsletter subscribers and Moneymorning.com visitors become smarter, more confident investors. Disclaimer: © 2015 Money Morning and Money Map Press. All Rights Reserved. Protected by copyright of the United States and international treaties. Any reproduction, copying, or redistribution (electronic or otherwise, including the world wide web), of content from this webpage, in whole or in part, is strictly prohibited without the express written permission of Money Morning. 16 W. Madison St. Baltimore, MD, 21201. The post Puerto Rico Debt Crisis "a Cautionary Tale" for Misled U.S. Taxpayers appeared first on Money Morning - We Make Investing Profitable .