Bernie Sanders, who seems to believe that money grows on trees, called on the Federal Reserve Monday to bail out debt-ridden Puerto Rico:
While visiting Puerto Rico, the Democratic candidate for president said that if the central bank “could bail out Wall Street, it can help the 3.5 million American citizens in Puerto Rico improve its economy and lift its children out of poverty.”
In the lengthy speech outlining how he would address Puerto Rico’s debt problems, Sanders said the Fed has the authority and responsibility to lend to the Puerto Rican government, which has lost its ability to borrow as it has begun defaulting on its obligations.
Sanders’ unusual proposal would test the limits of the Fed’s legal authority and its independence from the rest of the government.
This is Democratic pandering at its finest. Sanders is simply telling Puerto Rican voters what they want to hear, just like he’s told debt-weary college students that he’ll provide everyone with free tuition. In reality, these pie-in-the-sky campaign promises just aren’t fiscally possible.