Sheila Weinberg spoke in Hawaii on Oct. 11th on 'Government Accounting: The Seen and the Unseen -- What Needs to be Done?'
The event was convened by Hawaii Rep. Gene Ward and Rep. Barbara Marumoto. The purpose of the briefing was to discuss the impact of the national and state debt crisis on Hawaii's future and ways to control excess government spending.
'Hawaii's families carry the third highest per capita debt burden in the United States, more than $23,000 for every person who lives here,' noted Rep. Gene Ward who convened the briefing.
Weinberg pointed out Hawaii state government's financial situation is dire, mainly because of unfunded retirements obligations that total in the billions of dollars. The institute reports that based on the state's latest financial data (2009), Hawaii is rated as the 4th worst "sinkhole" state. Each person here - a state with just under 1.3 million residents - carries over $25,000 in debt from past government spending. There is a per capita burden of $8,872 for Hawaii annually, which is in addition to the $25,000 per person owed for state debt. (Photo courtesy of Melvin Ah Ching Productions.)
Click here to view Weinberg's presentation to the Hawaii Legislature.