Commentaries

January 2009

True Lies:

Hawaii's Government Employees' Retirement System

By George L. Berish

As a Fellow of the Society of Actuaries, I know almost everything taxpayers are told about the Hawaii Government Employees' Retirement System is false.

One lie is that employee benefits depend on, or are affected by, the $10 billion of assets earmarked by the state for their payment. In truth, the benefits are legally guaranteed by the taxpayers' full faith and credit. Losing the entire $10 billion would not cost any employee or retiree a single penny of benefits already earned, or a single penny of future retiree cost of living allowances (COLAs). The Unions even claim current employees would retain the right to earn more benefits under the current formula for life, and the Attorney General's silence blesses that claim. Instead, taxpayers would make up every lost dollar, continue annual contributions for new benefits as they are earned, and even make up any amount by which future earnings fall short of 8 percent thereafter. (more)

see comments

Native Issues

January 2009

The Economic Impact of the Akaka Bill

Unintended Consequences for Hawaii

The Native Hawaiian Government Reorganization Act of 2007, S.310 and H.R..505 in the 110th Congress, also known as the Akaka Bill, after sponsor Senator Daniel Akaka, proposes to creates a sovereign Native Hawaiian Governing Entity (NHGE) within the state of Hawaii. While the terms of the bill are vague, the most likely effect would be to vest this new Native Hawaiian government with the right to land now owned by the state, to the detriment of non-Native Hawaiian taxpayers and, correspondingly, the state economy. (more)

see comments

Health Care

January 2009

Hawaii Drops Universal Children’s Health Care Plan

by Pearl Hahn

An economic downturn and ensuing budget cuts have forced Hawaii to abandon the nation’s first universal health care program for children, Keiki Care, after only seven months. (more)

see comments

Taxes and Spending

January 2009

2009 Pork Report

The Book Hawaii's Government Doesn't Want You to Read

The 2009 Hawaii Piglet Book does not paint a pretty picture of current and future state spending. But, all hope is not lost. Through some common sense and political courage, Hawaii can turn things around. (more)

see comments