US Virgin Islands Bankrupted By Democrats

The Democrats have claimed another victim in their ruination of states, cites and territories.  Democrats -- oldest organized criminal organization in the US.

"For years the U.S. Virgin Islands funded essential public services with help from Wall Street. Investors lined up to purchase its triple-tax-exempt bonds, a form of debt free from municipal, state and federal taxes.

Now the borrowing window has slammed shut. Trouble in neighboring Puerto Rico, which recently filed for a form of bankruptcy after a string of debt defaults, has investors worried that the U.S. Virgin Islands might be next.

With just over 100,000 inhabitants, the protectorate now owes north of $2 billion to bondholders and creditors. That's the biggest per capita debt load of any U.S. territory or state - more than $19,000 for every man, woman and child scattered across the island chain of St. Croix, St. Thomas and St. John. The territory is on the hook for billions more in unfunded pension and healthcare obligations."


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After Year & Years of government overspending irregardless of budgets. It caught up with them. Now they have to act in desperation due to negligent management & out of control spending. Recently having to Add additional Taxes to everyday consumption items. Truly a sign of Desperation. Time to take someones money where you can get it. Why would anyone want to live there today, in a "Paradise filled with Taxation erosion of personal money"?  Already, the largest private employer left five years ago and shut down its refinery. (Loss of Incomes & rum Taxes)

Ratings agencies have downgraded the islands’ credit ratings deep into junk territory. With the U.S. Virgin Islands shut out of the credit markets after a failed January bond issue, officials are scrambling to stabilize its finances after years of taking on debt to plug yawning budget holes.

The government proposes to slash public spending by 10 percent. It recently hiked taxes on liquor, cigarettes, sugary drinks and vacation timeshares. And it has threatened to auction homes and businesses of property-tax deadbeats.

Looks like we will be taking US Virgin Islands off our Bucket List. We don't intend to visit unstable vacation destinations.

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