John Oliver brings out Hamilton creator to explain why you should care about Puerto Rico's debt crisis
Puerto Rico has been touted as an American vacation destination for decades, John Oliver said on Sunday's Last Week Tonight, showing some vintage promotional reels with a saucy edge. But today, "Puerto Rico is currently about $70 billion in debt, and it is wreaking havoc on the island," Oliver said. "And remember, Americans have a personal stake here," he said. "Puerto Ricans are American citizens," and their ranks include a bunch of famous people, including a Supreme Court justice, sports icons, and Lin-Manuel Miranda, whose musical Hamilton just won a Pulitzer Prize.
"We don't need to settle tonight the question of Puerto Rican statehood," Oliver said, noting that many Puerto Ricans disagree on the issue, "but one thing is for sure: Because it's a territory, many laws that apply to the states have loopholes concerning Puerto Rico, and as you will see time and time again in this piece, those little legal quirks have had massive consequences, some good but many utterly devastating."
In his wonky, profanity-laced, comedic way, Oliver walks viewers through a few court cases, tax breaks given and taken away, recession and desperate measures, an "addiction" to municipal bonds, and the mystery of a provision in a 1984 law that prevented Puerto Rico from seeking Chapter 9 bankruptcy protection, courtesy of Sen. Strom Thurmond (R-S.C.). And now there's the Zika virus. "It's like the island is being hit by all the plagues that God felt were too 'thinky' for the Bible," Oliver said.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
But even though "vulture" hedge funds are circling the island, there is some good news, he said. Congress is considering a bipartisan bill that would "give Puerto Rico some breathing room to negotiate with creditors" — if a coordinated smear campaign doesn't sink it. "The point is, 3.5 million Americans are facing a dire crisis right now, and the clock is ticking," Oliver said. And if, after 20 minutes, he has failed to make you care, he brought out Miranda to perform a new song in which he promises — and this is true — to perform Hamilton at House Speaker Paul Ryan's house. Watch below, though be warned: There is some NSFW language. Peter Weber
Create an account with the same email registered to your subscription to unlock access.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Peter has worked as a news and culture writer and editor at The Week since the site's launch in 2008. He covers politics, world affairs, religion and cultural currents. His journalism career began as a copy editor at a financial newswire and has included editorial positions at The New York Times Magazine, Facts on File, and Oregon State University.
-
'King's horses take free rein through London'
Today's Newspapers A roundup of the headlines from the US front pages
By The Week Staff Published
-
Is pop music now too reliant on gossip?
Talking Point Taylor Swift's new album has prompted a flurry of speculation over who she is referring to in her songs
By Richard Windsor, The Week UK Published
-
Nuclear near-misses
The Explainer From technical glitches to fateful split-second decisions, the world has come to the brink of nuclear war more times than you might think
By Rebecca Messina, The Week UK Published
-
Empty-nest boomers aren't selling their big homes
Speed Read Most Americans 60 and older do not intend to move, according to a recent survey
By Peter Weber, The Week US Published
-
Brazil accuses Musk of 'disinformation campaign'
Speed Read A Brazilian Supreme Court judge has opened an inquiry into Elon Musk and X
By Rafi Schwartz, The Week US Published
-
Disney board fends off Peltz infiltration bid
Speed Read Disney CEO Bob Iger has defeated activist investor Nelson Peltz in a contentious proxy battle
By Rafi Schwartz, The Week US Published
-
Disney and DeSantis reach detente
Speed Read The Florida governor and Disney settle a yearslong litigation over control of the tourism district
By Peter Weber, The Week US Published
-
Visa and Mastercard agree to lower swipe fees
Speed Read The companies will cap the fees they charge businesses when customers use their credit cards
By Peter Weber, The Week US Published
-
Reddit IPO values social media site at $6.4 billion
Speed Read The company makes its public debut on the New York Stock Exchange
By Peter Weber, The Week US Published
-
Housing costs: the root of US economic malaise?
speed read Many voters are troubled by the housing affordability crisis
By Peter Weber, The Week US Published
-
Feds cap credit card late fees at $8
speed read The Consumer Financial Protection Bureau finalized a rule to save households an estimated $10 billion a year
By Peter Weber, The Week US Published