Admitting Puerto Rico as a full state would be the perfect time to either implement some process by which a state can declare bankruptcy, or construct a one-off legal framework. Though the details would obviously be complex, the idea would be for creditors to take a sizable haircut (as they bear some responsibility for making obviously bad loans in the first place), and Puerto Rico to be put on a sustainable footing to pay off the rest, perhaps with a sort of Fed-backed refinancing plan. Above all, the process should be over quickly, and the new state should not be crushed with austerity.

It’s true that Puerto Rico would be the poorest state, a status it would likely retain indefinitely. But from the Post Office to the Great Society, America has a long history of bringing straggling states up to scratch. Moreover, full statehood might help solve some longstanding problems.

For example, one of Puerto Rico’s chronic problems is low quality of government. That can be partially chalked up to the fact that, like D.C., Puerto Rican politics are a cul-de-sac. One does make decisions and wield some power, but there is always the knowledge that one can be overridden by an unreachable and unaccountable overlord at any time. And once one has reached the governor’s office, that’s the end — there are no national seats or possible springboards to a presidential run. As a result, there is less incentive to keep one’s nose clean and rack up an impressive economic record.