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Friday, May 12, 2017
Hawaii Politicians Steering a Course for Economic Decline like Bankrupt Puerto Rico
By News Release @ 10:03 PM :: 1959 Views :: Economy

Hawaii's Politicians are Steering a Course for Economic Decline like Bankrupt Puerto Rico

News Release from John C Carroll, May 12, 2017

Honolulu, Hawaii -- Only days ago, Puerto Rico filed for the largest municipal bankruptcy in our country's history.  Former Hawaii state senator John Carroll believes that Hawaii's elected officials have been pursuing the same economic policies which led Puerto Rico, Detroit and Greece to become economic basket cases.

Citing the same chronic government over-taxation and overspending as Puerto Rico, the same unsustainable pensions and perks for state and county government employees, similar unaffordable projects like rail, plus the same high cost of living as Puerto Rico brought about by Hawaii's identical price-inflating shipping monopoly, Carroll maintains that Hawaii is quickly heading down the same road as these other troubled economies.

"It's simply not possible for Hawaii taxpayers to sustain so many attacks on their wallets while state and local politicians take steps to worsen our cost of living, which is now more than 67% higher than the national average.  Our low-wage, service economy cannot fund either the artificially high prices of the Matson monopoly or the tax-hiking, big spending dreams of elected officials," says Carroll.

Carroll continues:  "We can no longer ignore the parallels between Hawaii and these cautionary tales from elsewhere.  Endless greed by Hawaii's ruling class today will lead to tomorrow's financial ruin.  Even if we avoid the same bankrupt fate of Puerto Rico, Detroit and Greece, we will still experience the pain of an overextended Hawaii running out of money before long and having to make drastic cuts.  Or we can make corrections now which right-size government and allow competition to drive down prices.  The signs are all around us that Hawaii is following in the footsteps of Puerto Rico."

"If you thought our 'Furlough Friday's' were unpleasant, imagine being Puerto Rico and having to close down nearly 200 public schools because the money dried up.  The time to act is now."

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