With the financial world transfixed by Greece's debt-driven meltdown, Puerto Rico announces it can't pay its $73 billion in debt. Once again, we're learning that welfare statism is no replacement for fiscal responsibility, according to an editorial in Investor's Business Daily. Compared to Greece's $353 billion in debt, Puerto Rico's $73 billion doesn't sound so big. On a per capita basis, it's about a third less. But appearances deceive. Puerto Rico is in deep, owing actually much more than that amount.

 

Read the full editorial.