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Puerto Rico’s Debts Are “Not Payable” According to Governor

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Puerto Rico's Debts Are

Puerto Rico’s Debts Are “Not Payable” According to Governor

The global economy has been walking a tightrope for some time. Zero interest-rate policies, slow economic growth, and mounting debt means zero room for error.

Puerto Rico is the latest jurisdiction to toss in the towel, with Governor Alejandro Garcia Padilla warning that the island is perilously close to falling into a “death spiral”.

“The debt is not payable… there is no other option. This is not politics, this is math,” Garcia Padilla told the New York Times. “But we have to make the economy grow. If not, we will be in a death spiral.”

Puerto Rico, as you can see in the above chart published by the WSJ, has been in a tricky situation for some time. It’s $72 billion of debt for an island of roughly 3.5 million is equal to 70% of economic output. This is a ratio that is at least three times higher than the next highest state or territory in the United States.

The territory, which was ceded to the United States after the Spanish-American War, has been in trouble for awhile. The population growth rate has slowed, emigration is at record levels, and per-capita GDP has dropped over the last decade. Puerto Rico has relied on debt to try to grow the economy, and now credit-rating companies expect the first default to occur this week from the island’s electricity provider, which borrowed $9 billion. Further, the territory has been issuing new debt to pay old debt, and now the government is expected to run out of cash in July.

The Puerto Rico scenario encapsulates the current challenge that the rest of the world faces. Central Banks have pulled out all the stops to try to get growth: QE, increased borrowing, ZIRP, and ongoing currency wars. However, if that growth doesn’t come at the rate needed to get the ball rolling, it makes the debt harder to service. The more leverage, the higher the stakes are. Then all that is needed is one catalyst and things can get ugly fast.

Speaking of defaults: here’s what will happen if Greece defaults, and here is a breakdown of their debt.

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Markets

The Most Popular TV Brands in the U.S.

Korean brands dominate the U.S. TV market.

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A stacked bar chart ranking the most popular TV brands in the U.S.

The Most Popular TV Brands in the U.S.

This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.

Every year, over 40 million TVs are sold in the U.S., making the device a flagship technology in many American homes.

In this graphic, we illustrate the most popular TV brands in the U.S. based on a 2023 Statista survey of over 8,000 American adults. Respondents were asked, ‘What brand is your main TV?’

Korean Brands Dominate the U.S. TV Market

Samsung and LG combined account for 52% of the TV market share. Interestingly, the two firms have a partnership in place, with LG supplying OLED TV panels to Samsung since 2023.

TV BrandCountry% of Respondents
Samsung🇰🇷 South Korea33
LG🇰🇷 South Korea19
Vizio🇺🇸 U.S.11
Sony🇯🇵 Japan7
Hisense🇨🇳 China5
TCL🇨🇳 China5
Philips🇳🇱 Netherlands3
Insignia🇺🇸 U.S.2
Sanyo🇯🇵 Japan2
Toshiba🇯🇵 Japan2
Sharp🇯🇵 Japan1
Other or don't know--9

Vizio, a California-based company, holds the third position, but its TVs aren’t manufactured in the United States. Rather, they are produced by Taiwanese companies AmTran Technology and Foxconn, the latter being a major manufacturer of the iPhone.

Further down the ranking is Insignia, owned by U.S. retailer Best Buy. While it’s uncertain who produces Insignia TVs, some speculate they’re made by China’s Hisense.

Despite holding the largest market share, South Korea ranks behind Japan in terms of the number of companies among the top brands. Japan boasts four brands on our list, with Sony ranked 4th overall, capturing 7% of the responses.

Growing Market

The U.S. is witnessing a surge in demand for high-definition televisions, driven by consumers’ desire for a more immersive home viewing experience.

Globally, the U.S. leads in revenue generation, with the American TV market projected to generate $18.2 billion in revenue in 2024.

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Voronoi, the app by Visual Capitalist. Where data tells the story. Download on App Store or Google Play

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