In last week's Liberty Update, we highlighted the Heritage Foundation's 2022 Index of Economic Freedom…
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Image of the Day: More Economic Freedom = Higher Standard of Living

In last week's Liberty Update, we highlighted the Heritage Foundation's 2022 Index of Economic Freedom, which shows that Joe Biden has dragged the U.S. down to 22nd, our lowest rank ever (we placed 4th in the first Index in 1995, and climbed back up from 18th to 12th under President Trump).  As we noted, among the Index's invaluable metrics is how it demonstrates the objective correlation between more economic freedom and higher citizen standards of living, which this graphic illustrates:

 …[more]

May 19, 2022 • 12:53 PM

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Home Press Room CFIF Urges Congressional Republicans to Reject Senate Democrats’ Call for a Federal Bailout of Puerto Rico
CFIF Urges Congressional Republicans to Reject Senate Democrats’ Call for a Federal Bailout of Puerto Rico Print
Wednesday, July 01 2015

Disguising Chapter 9 bankruptcy legislation as a path forward, Senators Schumer and Blumenthal join President Obama and Nancy Pelosi in advocating a Chapter 9 bailout of Puerto Rico

ALEXANDRIA, VA – The Center for Individual Freedom (“CFIF”) today issued the following the statement in response to the announcement by Senators Charles Schumer (D-NY) and Richard Blumenthal(D-CT) that they will introduce special legislation granting Puerto Rico a Chapter 9 bailout:

“Senators Schumer and Blumenthal have chosen to promote special Chapter 9 bankruptcy legislation for Puerto Rico rather than tackling decades of fiscal mismanagement, cronyism and corruption on the island. Senate Republicans should not be fooled: Chapter 9 bankruptcy is a misguided federal bailout for Puerto Rico.  It provides no incentive for the Island’s leadership – led by the Kirchner of the Caribbean, Governor Alejandro Garcia Padilla – to make sound economic and fiscal policy decisions moving forward.  We urge Congressional Republicans to reject the Chapter 9 bailout, and instead support a Congressionally mandated and managed control board over the Island providing Puerto Ricans, and all Americans, with a more sustainable, fiscally sound future.”

Chapter 9 would hurt thousands of hardworking Americans on the mainland and in Puerto Rico who have invested savings in Puerto Rican bonds.  And longer-term, it would do nothing to reform a broken Island.  Furthermore, a Chapter 9 bailout flies in the face of principles for which Republicans are supposed to stand:  limited government, fiscal responsibility and the rule of law. 

American taxpayers should not be saddled with yet another bailout and force Americans saving for retirement to take a financial hit.  Instead, Congressional Republicans should guide Puerto Rico into doing the right thing: trim spending and taxes, stand up to unions and undertake badly-needed fiscal, governance and economic reforms.  The time is right for a Congressional control board.

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