An Uncensored Look At The Fiscal Challenges Facing Hawaii
by Danny de Gracia
The incoming Twenty-Sixth Legislature of Hawaii and newly elected Governor Neil Abercrombie have inherited for 2011 significant challenges in the form of persistent unemployment/underemployment unstable global markets, an ongoing international currency war, dramatically rising costs of commodities and chief of all, a precariously balanced budget. In this study of what we term “the real state of the State” we review Hawaii’s government expenditures, financial stewardship and provide nonpartisan policy recommendations for how our state can stabilize itself amidst growing risk.
Official local government documents disclose the total indebtedness of the state of Hawaii at $9,310,574,891 of taxpayer exposure but the actual debt may even be as high as $26,111,383,024 (37.36% of local GDP) when including debt, pension, other post-employment benefits/unfunded actuarial accrued liabilities, unemployment trust funds and budget shortfall.
Click on the links below to read the full report and the press release.