Just how bad is Puerto Rico’s debt?

As Puerto Rico’s financial crisis continues to damage all sectors of its economy, lawmakers are scrambling for a solution. But just how serious is the issue? We know Puerto Rico has been experiencing economic problems for decades, but most of us probably don’t know the exact facts and figures of the situation. Let’s turn to the State Data Lab to find out more.

According to Truth in Accounting’s recently released Financial State of Puerto Rico report, the debt issue is staggering. Their total bills reached almost $115 billion this past year — far surpassing their available assets of $27.3 billion. This leaves a massive debt of $87.5 billion that Puerto Rico is unable to pay. Divided amongst all Puerto Rican taxpayers, each taxpayer’s burden comes out to $66,100 — higher than any US state in the nation.

To make matters worse, a significant amount of Puerto Rico’s debt isn’t even being clearly disclosed. The state only reported retirement liabilities totaling $15 billion, ignoring about $31 billion in liabilities they owe. This brings the island’s total retirement liabilities to a staggering total of $45.7 billion.

Interested in learning more about Puerto Rico’s financial crisis? Click here for Truth in Accounting’s Financial State of Puerto Rico.