Rooted in Reason: Nurturing the Seeds of Liberty


A Penchant for Debt by maliab
January 2, 2011, 10:58 am
Filed under: Economy, Hawaii Sunshine | Tags: , , , , ,

By Malia Hill

“I only have a few more years before I can retire on my pension.”

Those of us in the private sector have grown used to hearing that sentence from our friends working for the State.  And while we may feel a short stab of jealousy, we’ve been trained to believe that the state pensions are a fair reward for those in public service.  After all, these pensions fund the retirements of policemen, fire fighters, teachers, and the many, many paper pushers and bureaucrats that make your encounters with the government so very pleasant and efficient.

Ahem.

But, as we are all too quick to forget when the government coffers are at stake, the money paying those pensions isn’t growing on trees or washing up on the shore.  It’s coming out of our pockets.  And there still isn’t enough of it.  On the Hawaii Sunshine Website, you can see that the Employee’s Retirement System is one of the State’s biggest spenders, doling out no less than $636,161,067.68 in 2009. And there are still questions about whether significant tax increases will be necessary to meet our future obligations.  Over the next month or so, we’ll start to examine Hawaii’s pension spending and looming problem in the effort to determine just how serious the situation is.

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2 Comments so far
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No painless way out of this mess. It’s just a matter of where that bubble of pain will be spread; I expect it’ll be to those that thought saving for their own retirement would be prudent.

Comment by egoistd

Congratulations you made Instapundit 01-04-2011

http://pajamasmedia.com/instapundit/

Comment by Lorendd




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