Wednesday, November 13, 2024
Hawai'i Free Press

Current Articles | Archives

Thursday, March 16, 2017
Study: Ige's Budget Runs Out of Money in Two Years
By Grassroot Institute @ 1:20 AM :: 4339 Views :: Hawaii State Government

Grassroot Institute Study: Governor Ige's Budget Runs Out of Money in Two Years

Gov. Ige's budget missing big ticket items

HONOLULU, HAWAII--March 15, 2017--A new study released by the Grassroot Institute of Hawaii shows that Governor David Ige’s budget will run out of money within the next two years.

According to the analysis, Governor Ige’s current budget overspends by $292 million next year, leading to an era of unbalanced budgets and deficit spending.

The governor’s spending plan understates four significant cost items:

  • Increased payments for unfunded liabilities
  • Decreased tax revenue projections
  • Increased payments for public union salary increases
  • Historic spending trends

Keli’i Akina, Ph.D., President of the Grassroot Institute, said, “When adjusted for accurate costs, Gov. Ige’s budget is saddled with a $104 million deficit in fiscal 2019, which grows to a $756 million deficit in fiscal 2022. The state’s proposed reckless spending could put public retirees in danger of losing their promised benefits and put all citizens on the hook if the government decides to raise taxes to avert financial meltdown.”
The report shows that:

  • The state recently lost $258 million in expected tax revenues for fiscal 2017
  • Gov. Ige’s $220 million in spending reductions still lead to $292 million in overspending in fiscal 2018
  • The governor has not yet budgeted for increased payments due for Hawaii’s $12 billion unfunded liability for public pensions
  • Public union salary increases are also absent from the current spending plan
  • The state needs to cut back immediately in order to prevent a future financial crisis

Dr. Akina continued, “State lawmakers must include accurate costs when planning for the future. This would help lawmakers balance the state budget and ensure that Hawaii has a healthy rainy day fund to weather any economic setbacks.”

The full report can be found at: STUDY

###

About the Grassroot Institute of Hawaii:

The Grassroot Institute of Hawaii is a nonprofit, nonpartisan research institute dedicated to the principles of individual liberty, the free market, and limited, accountable government throughout Hawaii and the Asia-Pacific region.To learn more, visit http://www.grassrootinstitute.org/

About Grassroot President:

Keli’i Akina, Ph.D., is a recognized scholar, educator, public policy spokesperson, and community leader in Hawaii. Currently, he is President/CEO of Grassroot Institute of Hawaii, a public policy think tank dedicated to the principles of individual liberty, free markets and limited, accountable government. An expert in East-West Philosophy and ethics, Dr. Akina has taught at universities in China and the United States and continues as an adjunct instructor at Hawaii Pacific University. In 2016, Dr. Akina was elected to a four-year term as Trustee-at-Large of the Office of Hawaiian Affairs.

Links

TEXT "follow HawaiiFreePress" to 40404

Register to Vote

2aHawaii

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 Federation of Republican Women

Hawaii History Blog

Hawaii Jihadi Trial

Hawaii Legal News

Hawaii Legal Short-Term Rental Alliance

Hawaii Matters

Hawaii Military History

Hawaii's Partnership for Appropriate & Compassionate Care

Hawaii Public Charter School Network

Hawaii Rifle Association

Hawaii Shippers Council

Hawaii Together

HiFiCo

Hiram Fong Papers

Homeschool Legal Defense Hawaii

Honolulu Navy League

Honolulu Traffic

House Minority Blog

Imua TMT

Inouye-Kwock, NYT 1992

Inside the Nature Conservancy

Inverse Condemnation

July 4 in Hawaii

Land and Power in Hawaii

Lessons in Firearm Education

Lingle Years

Managed Care Matters -- Hawaii

MentalIllnessPolicy.org

Missile Defense Advocacy

MIS Veterans Hawaii

NAMI Hawaii

Natatorium.org

National Parents Org Hawaii

NFIB Hawaii News

NRA-ILA Hawaii

Obookiah

OHA Lies

Opt Out Today

Patients Rights Council Hawaii

Practical Policy Institute of Hawaii

Pritchett Cartoons

Pro-GMO Hawaii

RailRipoff.com

Rental by Owner Awareness Assn

Research Institute for Hawaii USA

Rick Hamada Show

RJ Rummel

School Choice in Hawaii

SenatorFong.com

Talking Tax

Tax Foundation of Hawaii

The Real Hanabusa

Time Out Honolulu

Trustee Akina KWO Columns

Waagey.org

West Maui Taxpayers Association

What Natalie Thinks

Whole Life Hawaii