Hawaii deemed ‘sinkhole’ state by fiscal watchdog for pension debt
HONOLULU — A report by a fiscal watchdog deems Hawaii one of the worst “sinkhole” states for its growing debt burden to taxpayers.
Contrary to what politicians are telling you, Hawaii remains in deep financial trouble. According to the Chicago-based "Truth in Accounting", Hawaii is "one of the worst ‘sinkhole’ states for its growing debt burden to taxpayers." Donna Rook, the president fo StateDataLab.org adds that "the average Hawaii taxpayer’s share of the state’s debt is $27,000 after all available resources are tapped." Sheila Weinberg, founder and CEO of "Truth in Accounting" said Hawaii’ financial statements show $4 billion in retirement liabilities, but the state actually has nearly $15 billion of unfunded retirement promises." The state spending surplus touted by the governor and some state legislators is largely a myth once unfunded retirement accounts are considered. Unfunded liabilities will be a major problem facing the winner of the November general election. Aloha, Russ.