In researching available information I am unable to determine what is the TOTAL deficit for the territory?? At one time I remember someone telling me their guess was 2B. I never hear anyone stating the deficit or is it even known what it owes!
Not even the government know what it owes. But they know they can't borrow anymore, which means they're basically insolvent.
But we already knew that.
$2B deficit or debt?
Just paid 2012 property tax. This the second annual tax this year. Two tax payments last year as well. What happens when they only have one year of revenue a year? Hate to think! Just saying...
Glad to not have to pay multiple times a year on more than one property and we are finally caught up to 2012.
No worry about the revenue, they'll just borrow more money from Peter to pay Paul as they have been doing for decades until there is no more to borrow and everything fails. Nothing new.
Now if the VI Government could only learn the concept of budgeting and paying down debt and what an income to debt ratio means!
Most governments in the US have been borrowing without sufficient revenues to cover their obligations. The VI is just one of the many who are following that model.
When investment banks get fees for creating investment products and can create a product with debt from multiple sources, it only plays to the bank's advantage. Blame the lender not the borrower IMO.
Best not to worry about it unless you're hoping to retire with a government pension, or buy bonds issued by a VI entity. Do not rely on the VI govt for a thing! Even private sector businesses are struggling to pay the bills just to keep the doors open.
Well.......I do not worry.....but, it out of concern for the VI that i inquire. It is disheartening to see the people, business's, industry suffer due to greed, mismanagement and selfish attitudes of many in government. The bigger picture is that the "people" are frozen thru apathy and perfected the attitude...."I got mine.....that's all I care about".
St. Croix in particular will never overcome this mental illness. It is ingrained in the consciousness of people of STX. It is sad to invest time and energy in a beautiful island that is being destroyed from within.