Friday, July 25, 2014         

 Print   Email   Comment | View 0 Comments   Most Popular   Save   Post   Retweet

Hawaii's debt burden highest in the nation

By Star-Advertiser Staff and News Services


Hawaii's debt burden, including future pension obligations for state and county workers, is highest in the nation as a percentage of the state gross domestic product, Moody's Investors Service reported yesterday.

Total debt issuance and unfunded pension liabilities amount to 16.2 percent of state GDP, Moody's reported. Hawaii ranked second on a per capita basis with debt of $7,987 for every man, woman and child, according to the report.

The joint figures released yesterday make it easier to compare fixed costs among states and with corporate-bond issuers, Moody's said.

Hawaii's Employees' Retirement System, which pays pension benefits for state and county employees, was underfunded by $6.24 billion in 2009.

The problem has worsened in the past decade, and the fund is now in the bottom 20 nationally in terms of its funded ratio.

 Print   Email   Comment | View 0 Comments   Most Popular   Save   Post   Retweet

You must be subscribed to participate in discussions
By participating in online discussions you acknowledge that you have agreed to the TERMS OF SERVICE. An insightful discussion of ideas and viewpoints is encouraged, but comments must be civil and in good taste, with no personal attacks. Because only subscribers are allowed to comment, we have your personal information and are able to contact you. If your comments are inappropriate, you may receive a warning, and if you persist with such comments you may be banned from posting. To report comments that you believe do not follow our guidelines, email commentfeedback@staradvertiser.com.
Leave a comment

Please login to leave a comment.