Puerto Rico is $70 billion in debt, and their trouble continues with a declining population.

Based on U.S. Census Bureau data analyzed by the Pew Research Center, Puerto Rico's population began declining since 2006 while the Puerto Rican population within mainland U.S. has increased. Between 2011 and 2013, the island's population declined by 50,000 people, annually.

A popular reason for the migration is jobs. According to the Pew Research Center, Puerto Rico's unemployment rate was 12.4 percent in May, which was more than twice the national jobless rate.

The Puerto Rican government is aware that its ability to grow will hinder further if the "outmigration" continues.

"Structural problems, economic shocks and weak public finances have yielded a decade of stagnation, outmigration and debt," the report said. "Even if there is no intensification in economic problems, which is a big if, the [Puerto Rico] Planning Board projects that the population will continue to fall through 2020."

The population decline does not appear to turn upward anytime soon. The U.S. Census Bureau's data showed Puerto Rico's population will drop to 3 million in 2050, down from the current 3.6 million.

As Latin Post reported, Puerto Rico Gov. Alejandro Garcia Padilla admitted that the island's current debt is "unpayable" and its size impedes the commonwealth from improving. According to Garcia Padilla, Puerto Rico inherited nearly $70 billion of debt -- a figure he claimed "is essentially the same" as two years ago, but he denied allegations that the debt is solely the result of loans.

"These are not easy times that we have had to live," said Garcia Padilla. "But if we battle together, against any enemy, against any crisis, united, Puerto Rico will prevail."

While Garcia Padilla said he will work with the island's legislators, he also called for Washington, D.C. for assistance and protections.

The Puerto Rico Electric Power Authority (PREPA), the island's public utility company, negotiated a deal with investors to extend debt talks. PREPA announced it will pay $416 million, immediately, but will have until Sept. 15 as its next deadline. In total, PREPA owes $9 billion in debt.

The U.S. presidential candidates have not publicly commented on Puerto Rico's debt crisis except for former Maryland Gov. Martin O'Malley, who's running for the Democratic Party nomination.

"I am very concerned about the impending financial collapse of Puerto Rico. As a nation we must help our fellow U.S. citizens not only because it's the right thing to do, but because our region's economic stability depends on it," said O'Malley.

"While Governor Garcia Padilla has taken the courageous first steps to steer Puerto Rico through this crisis, we must act now to avoid Puerto Rico's economic collapse," added O'Malley, noting that Puerto Rican officials must negotiate with its creditors "just as states can under the U.S. Bankruptcy code. Congress should approve Resident Commissioner Pedro Pierluisi's legislation that would allow for this to happen."

He continued, "Second, as I've stated before, the Department of Health and Human Services must end the inequitable treatment of Puerto Rico under Medicare, Medicaid and the Affordable Care Act. High costs and low reimbursement rates are a huge burden to Puerto Rico's budget and millions of U.S. citizens are at risk of losing care."

Unlike a traditional U.S. state, Puerto Rico cannot claim bankruptcy protections because of its status as a U.S. territory.

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For the latest updates, follow Latin Post's Michael Oleaga on Twitter: @EditorMikeO or contact via email: m.oleaga@latinpost.com.

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