Wednesday, March 27, 2024
Hawai'i Free Press

Current Articles | Archives

Monday, January 31, 2011
Pension Report puts Hawaii in a Bad Moody
By Grassroot Institute @ 9:19 PM :: 9031 Views :: Energy, Environment

by Malia Hill www.HawaiiSunshine.org

When it comes to the pension situation in Hawaii, all news seems to be bad news. According to a recent article in the Hawaii Reporter, Hawaii ranks among the top 4 states in the nation for debt and pension burden.

This is not exactly the kind of accomplishment that should have us “gunning for number one.”

The ranking comes from a report from Moody’s Investor Service, which has been examining debt and pension liability in the different states as a way to get the clearest look at each state’s total obligations.  Along with Massachusetts and Connecticut, Hawaii leads the country with the highest ratio of bonded debt to personal income as well as having some of the highest long-term debt as a percentage of the state gross domestic product.  The scary numbers:

Long-Term Debt, Pension Liabilities as Percentage of Income

1. Hawaii                                            27.7%

2. Mississippi                                     22.8%

3. Connecticut                                    22.3%

4. New Mexico                                    21.9%

5. Alaska                                            21.6%

Long-Term Debt, Pension Liabilities as Percentage of State GDP

1. Hawaii                                            16.2%

2. Mississippi                                     15.9%

3. Connecticut                                     15.2%

4. West Virginia                                   14.5%

5. Massachusetts                                 14.2%

Source: Moody’s Investors Service

And for more good news, consider that–according to The Institute for Truth in Accounting, Hawaii isn’t meeting its balanced budget obligations because of the unfunded pension and healthcare benefits for state workers.  That shortfall is about $39,600 per taxpayer, and if you’re like me, you don’t exactly have the difference sitting around the house in little sacks with $$ on them.  Not that this will necessarily keep the government from trying to squeeze it out of us anyway.  More gloomy stats:

Long-Term Debt, Pension Liabilities Per Capita

1. Connecticut                  9,366

2. Hawaii                          7,987

3. Massachusetts             7,872

4. New Jersey                   7,198

5. Illinois                           6,692

Source: Moody’s Investors Service

A tiny speck of light in the very dark tunnel: Governor Abercrombie did demonstrate some level of awareness of the problem in his recent State of the State address, promising that modernizing Hawaii’s Employees’ Retirement System will be one of his legislative priorities.  Let’s just hope that it isn’t too little being executed too late.

---30---

Interested in more information about state spending in Hawaii?  Don’t forget to check out www.HawaiiSunshine.org.

RELATED:

 

Links

TEXT "follow HawaiiFreePress" to 40404

Register to Vote

2aHawaii

808 Silent Majority

Aloha Pregnancy Care Center

AntiPlanner

Antonio Gramsci Reading List

A Place for Women in Waipio

Ballotpedia Hawaii

Broken Trust

Build More Hawaiian Homes Working Group

Christian Homeschoolers of Hawaii

Cliff Slater's Second Opinion

DVids Hawaii

FIRE

Fix Oahu!

Frontline: The Fixers

Genetic Literacy Project

Grassroot Institute

Habele.org

Hawaii Aquarium Fish Report

Hawaii Aviation Preservation Society

Hawaii Catholic TV

Hawaii Christian Coalition

Hawaii Cigar Association

Hawaii ConCon Info

Hawaii Debt Clock

Hawaii Defense Foundation

Hawaii Family Forum

Hawaii Farmers and Ranchers United

Hawaii Farmer's Daughter

Hawaii Federalist Society

Hawaii Federation of Republican Women

Hawaii History Blog

Hawaii Homeschool Association

Hawaii Jihadi Trial

Hawaii Legal News

Hawaii Legal Short-Term Rental Alliance

Hawaii Matters

Hawaii's Partnership for Appropriate & Compassionate Care

Hawaii Public Charter School Network

Hawaii Rifle Association

Hawaii Shippers Council

Hawaii Smokers Alliance

Hawaii State Data Lab

Hawaii Together

HIEC.Coop

HiFiCo

Hiram Fong Papers

Homeschool Legal Defense Hawaii

Honolulu Moms for Liberty

Honolulu Navy League

Honolulu Traffic

House Minority Blog

Imua TMT

Inouye-Kwock, NYT 1992

Inside the Nature Conservancy

Inverse Condemnation

Investigative Project on Terrorism

July 4 in Hawaii

Kakaako Cares

Keep Hawaii's Heroes

Land and Power in Hawaii

Legislative Committee Analysis Tool

Lessons in Firearm Education

Lingle Years

Managed Care Matters -- Hawaii

Malama Pregnancy Center of Maui

MentalIllnessPolicy.org

Military Home Educators' Network Oahu

Missile Defense Advocacy

MIS Veterans Hawaii

NAMI Hawaii

Natatorium.org

National Christian Foundation Hawaii

National Parents Org Hawaii

NFIB Hawaii News

No GMO Means No Aloha

Not Dead Yet, Hawaii

NRA-ILA Hawaii

Oahu Alternative Transport

Obookiah

OHA Lies

Opt Out Today

OurFutureHawaii.com

Patients Rights Council Hawaii

PEACE Hawaii

People vs Machine

Practical Policy Institute of Hawaii

Pritchett Cartoons

Pro-GMO Hawaii

P.U.E.O.

RailRipoff.com

Rental by Owner Awareness Assn

ReRoute the Rail

Research Institute for Hawaii USA

Rick Hamada Show

RJ Rummel

Robotics Organizing Committee

School Choice in Hawaii

SenatorFong.com

Sink the Jones Act

Statehood for Guam

Talking Tax

Tax Foundation of Hawaii

The Real Hanabusa

Time Out Honolulu

Trustee Akina KWO Columns

UCC Truths

US Tax Foundation Hawaii Info

VAREP Honolulu

Waagey.org

West Maui Taxpayers Association

What Natalie Thinks

Whole Life Hawaii

Yes2TMT