August 2010
The Real Solution to Social Security Insolvency
As this is written, in August 2010, the Social Security system is running a deficit. Its ability to support future retirement benefits for Americans is rapidly withering away. Fixes have been offered, but they all center in on postponing the inevitable: neither higher taxes nor cuts in benefits will save the system from its demise. Those methods have been tried before and failed. (more)
August 2010
Exposing Hawaii’s Special Funds: Excess Balances of $1.4 Billion Raid Hawaii’s Taxpayers
In the last three years, nearly all fifty states saw government budgets operating in the red as a result of the global economic crisis. The fallout of the meltdown gained considerable notoriety in Hawaii as the determination was made to compensate for the revenue shortfall in part by implementing a temporary furlough of Department of Education personnel. The Hawaii State Legislature, faced with mounting public opposition to “Furlough Fridays” and insufficient revenues to maintain current levels of spending, considered a variety of funding mechanisms, one of which included the use of raiding funds designated on state budget worksheets as “B” means of financing (MOFs), or “special funds,” as it was believed that a number of these accounts were either in excess of their operational requirements or funded mandates which had sunset. (more)
August 2010
State Special Funds May Hold $1.4 Billion In Unspent Revenues
Hawaii’s taxpayers might be shocked to discover that while numerous voices in and out of the local political establishment are calling for an increase in the General Excise Tax to cover any future budget shortfalls in education or other state services, upwards of $1.4 billion dollars in unspent excess funds may be sitting in special funds, several of which were tagged by the auditor almost a decade ago for repeal. According to the Department of Budget and Finance’s “Reports on Non-General Fund Information: Fiscal Years 2006-2012,” some 186 special funds spread across twenty different departments hold an estimated $1,412,357,203 in unspent revenues over and above their operational requirements. In plain language, if the estimates provided by the Department are correct, the state has more than just pocket change stuck in its seats. (more)
August 2010
China's Free-Market Summer Camp
Li Zhao Schoolland organized the first China Austrian Economics Camp (CAEC) this summer with Northeastern University (NEU) of Shenyang, China. Those teaching about the economics and ethics of free markets included Tom Palmer of the Atlas Economic Research Foundation and the CATO Institute, Fred Foldvary of Santa Clara University, Cris Lingle of Francisco Marroquin University in Guatemala, Kenli Schoolland of the University of Buckingham in England, Zhu Haijiu of Zhejiang GongShang University in China, Dean Peng of Beijing, Jeff Crawford and Ken Schoolland of Hawaii Pacific University, and Li Schoolland. Four of these teachers are members of the Mont Pelerin Society, founded in 1947 by Friedrich Hayek to promote an intellectual resurgence of free market ideas.
(more)
Blogs
The Mystery of Hawaiian History
Correcting historical revisionism and misconceptions promoted by the Akaka Bill.
Hawaii Spendometer
How Fast Does The State Government Spend Your Money?
$9,122,166,121.47
