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Video instructions and help with filling out and completing Will Form 944 Pr Rico

Instructions and Help about Will Form 944 Pr Rico

In July 2022 Puerto Rico defaulted on its debt for the third time leaving its bondholders another 800 million dollars short this follows a multi-year debt crisis in the unincorporated territory stemming from expired tax incentives for US companies and economic depression and government inefficiency although some are optimistic about Puerto Rico's future others have already referred to it as a failed state so is Puerto Rico a failed state well the term itself is widely debated but according to the nonprofit fund for peace there are four main characteristics to a fragile or failed state one characteristic is that a fragile state loses the legitimate authority to make collective decisions this is a bit of an interesting question for Puerto Rico which relies heavily on the United States its economic boom was predicated on giving tax incentives to US businesses and there was even a law from 1917 requiring all imports to be done on American ships with American crews in fact the current debt crisis has only been managed through the direct authority of the United States after President Obama signed 2016's promesa law establishing a federal board to restructure Puerto Rico's debt another hallmark of fragile States is an inability to prpublic services the monopolized Energy Service Puerto Rico Electric Power Authority is pushing to raise electricity prices by 26% in early 2022 and all residents even those with little to no income will be forced to pay but despite the rapidly increasing costs and the fact that more than a third of those who live in housing projects have reported an income of zero where to Rico itself has been able to prutilities to those who are able to pay for them a fragile state also often loses control of its territory and/or police force Puerto Rico's police force has been plagued by corruption and human rights abuses for decades according to a report by the Department of Justice from 2022 to 2022 roughly 10% of the police force was arrested for murder assault drug trafficking and other crimes the ACLU put out a similar report calling Puerto Rico the island of impunity finally fragile states are unable to interact with other states as full members of the international community simply put Puerto Rico is not a full member of the International community as a dependent and unincorporated territory of the US the downgrade of its credit rating to addy for default as well as an influx of the Zika virus around summer of 2022 has made it risky to invest in and even visit and has made negotiations with other countries relatively fruitless but while there are shades of a fragile state within Puerto Rico it does not fulfill the basic characteristics for a failed state despite widespread poverty mass emigration and a slow breakdown in the day-to-day social order as an unincorporated territory it will likely one day see a return to some form of normalcy with support from the United States Puerto Rico is in a difficult position since it can't declare bankruptcy because of its territorial status so does the u.s. have a responsibility to bail out its territories find out by watching our video at the top you can find out more about Puerto Rico's statehood status by watching the video at the bottom thanks for watching seeker daily make sure to LIKE and subscribe so you get new videos every day.

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