by Tom Kertscher
Wracked by a decade-long recession, Puerto Rico started borrowing, to cover budget shortfalls.
Many Americans obliged, by buying Puerto Rican bonds, which are exempt from federal, state and local taxes in all 50 states.
Now Puerto Rico is $72 billion in debt and defaulting on its debt payments.
Don’t care much?
Congress does. After all, Puerto Rico is a U.S. territory; 3.5 million of the island’s residents are U.S. citizens.