Skip to main content

Why are the billionaires always laughing?

Because they know the corporate media will never call bullshit on their bullshit.

Why are the billionaires laughing?

It’s easy to laugh when the corporate press treats you as a glorious success instead of the epitome of a broken social order. Billionaires laugh because they know the corporate media prefers to fawn over them rather than hold them to account.

Today, we ask you to support our nonprofit, independent journalism because we are not impressed by billionaires flying into space, their corporations despoiling our health and planet, or their vast fortunes safely concealed in tax havens across the globe. We are not laughing.

We are hard at work producing journalism for the common good. With our Fall Campaign underway, please support this mission today. We cannot do it without you.

Support Our Work -- Join the small group of generous readers who donate, keeping Common Dreams free for millions of people each year. Every donation—large or small—helps us bring you the news that matters.

Sanders surveyed the damage done by Hurricane Maria with San Juan Mayor Carmen Yulin Cruz in October. Cruz approves of the recovery package Sanders unveiled Tuesday. (Photo: @Politics_Info/Twitter)

Sanders Intros $146 Billion 'Transformation Blueprint' for Puerto Rico and Virgin Islands

As Democrats co-sponsor bill, Sen. Elizabeth Warren highlights key demand for total debt relief in addition to renewable energy overhaul

Julia Conley

Calling on the federal government to bring its "full resources to bear" on the crisis in Puerto Rico and the U.S. Virgin Islands, Sen. Bernie Sanders (Vt.-I) unveiled a $146 billion recovery package for the U.S. territories on Tuesday, two months after Hurricane Maria left destruction across the islands.

Sanders and the Democratic co-sponsors of the new bill argue it is necessary to treat the recovery as the emergency it is, but that rebuilding the islands' battered infrastructure should not mean simply returning to things as they were.

"It is absolutely without any sense at all to rebuild Puerto Rico's antiquated, centralized, and inefficient electric grid that was dependent on expensive and dirty imported fossil fuels," Sanders said in a press conference where he introduced the bill, adding that with the nickname "La Isla Del Sol," the island could be leading the way in the use of solar power and other sustainable energy.

"Before the storm Puerto Rico only had two percent of its electricity coming from sustainable energy," remarked Sanders. "Beyond rebuilding damaged facilities, our bill makes a major proactive investment in Puerto Rico and the U.S. Virgin Islands' infrastructure."

The bill—formally called The Puerto Rico and Virgin Islands Equitable Rebuild Act—was referred to as "a Marshall Plan for Puerto Rico" by Ramon Luis Nieves, former lawmaker on the island. It would give $62 billion to the territory to help it pay off its debts, $51 billion for economic development, and $27 billion for infrastructure.

Sanders noted in his press conference with Sens. Elizabeth Warren (D-Mass.), Richard Blumenthal (D-Conn.), and other coo-sponsors, that more than two months after Maria made landfall, "half of the people there—American citizens all—still have no electricity, many are still struggling to get clean drinking water and more than 100,000 people have left Puerto Rico."

But despite the dire situation, Trump has requested just $29 billion for Puerto Rico, Florida, and Texas combined, to help with the recovery from Hurricanes Harvey and Irma as well as Maria.

San Juan Mayor Carmen Yulin Cruz, who has been sharply critical of the president's approach to Puerto Rico's recovery, expressed her approval of the bill in a statement:

The bill that Senator Sanders has introduced in the United States Congress is a comprehensive plan that provides the blueprint for the transformation of Puerto Rico. While dealing with all major areas of immediate concern: energy, health and education it also sets the foundation to make Puerto Rico a more equitable, just and fair society for all.

In addition to humanitarian relief and improved infrastructure, Warren stressed the need for full, true debt relief. As President Donald Trump brought up in the days after the storm, Puerto Rico's debt exceeds $70 billion, brought on partially by a lack of tax revenue after Congress repealed a tax break for businesses on the island in 1976. This caused companies to flee and take the economic growth Puerto Rico experienced following World War II with them.

The island fell further into debt as "vulture" hedge funds saw an opportunity to buy up the island's debt, only to sue its government when it defaulted on paying the funds back—forcing Puerto Rico to file for bankruptcy four months before Maria hit. Similar firms swooped in following Hurricane Maria.

"Puerto Rico needs full debt relief," Warren said. "This is critical. The vulture funds that snapped up Puerto Rican debt should not get one cent from the island. Not one cent."

Warren also criticized Trump's callous and insufficient response to the island's crisis, and urged him and Congress to support the bill.

"From the start, President Trump's response to Puerto Rico and the U.S. Virgin Islands has been too little, too late. I've been telling President Trump, 'Do your job.' Well,this bill is an opportunity for President Trump to step up and do his job."

 The senators' press conference was broadcast on Facebook Live:


Our work is licensed under Creative Commons (CC BY-NC-ND 3.0). Feel free to republish and share widely.

This is the world we live in. This is the world we cover.

Because of people like you, another world is possible. There are many battles to be won, but we will battle them together—all of us. Common Dreams is not your normal news site. We don't survive on clicks. We don't want advertising dollars. We want the world to be a better place. But we can't do it alone. It doesn't work that way. We need you. If you can help today—because every gift of every size matters—please do. Without Your Support We Simply Don't Exist.

New Whistleblower Sparks Calls to 'Crack Down on Facebook and All Big Tech Companies'

Hours after another ex-employee filed a formal complaint, reporting broke on internal documents that show the tech giant's failure to address concerns about content related to the 2020 U.S. election.

Jessica Corbett ·


'Catastrophic and Irreparable Harm' to Wolves Averted as Wisconsin Judge Cancels Hunt

"We are heartened by this rare instance of reason and democracy prevailing in state wolf policy," said one conservation expert.

Brett Wilkins ·


West Virginia Constituents Decry 'Immorality' of Joe Manchin

"West Virginia has been locked into an economy that forces workers into low-wage jobs with no hope for advancement, and after decades of this our hope is dwindling," said one West Virginian. "The cuts that Sen. Manchin has negotiated into the agenda hurt our state."

Julia Conley ·


'Texans Deserved Better Than This': Supreme Court Leaves Abortion Ban in Place

The nation's high court set a date to hear a pair of legal challenges to the "horrific" restrictions.

Jessica Corbett ·


'Like It Never Happened': Federal Judge Tosses Trump Attack on Clean Water Rule

Denying a Biden administration request to temporarily retain the rule, the judge reestablished "the careful balance of state and federal power to protect clean water that Congress intended when it wrote the Clean Water Act."

Brett Wilkins ·

Support our work.

We are independent, non-profit, advertising-free and 100% reader supported.

Subscribe to our newsletter.

Quality journalism. Progressive values.
Direct to your inbox.

Subscribe to our Newsletter.


Common Dreams, Inc. Founded 1997. Registered 501(c3) Non-Profit | Privacy Policy
Common Dreams Logo