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Economist: Hawaii recovery on a 'plodding path'

By Oskar Garcia

Associated Press

POSTED:
LAST UPDATED: 03:37 p.m. HST, Jan 04, 2013



A Hawaii economist is telling state lawmakers he expects the state's economic recovery to continue on a "plodding path," with federal deficit reduction dragging down growth.

Paul Brewbaker of TZ Economics said in written testimony today for a joint committee briefing at the Hawaii Capitol that the state needs to revive investment and rethink how it delivers public service.

Brewbaker's comments come as lawmakers consider a two-year budget given mixed challenges. The Council on Revenues says general fund tax revenues will grow more than previously expected in fiscal 2013. But it's not clear how federal spending might be reduced in Hawaii given decisions about cuts in Congress and the death of longtime U.S. Sen. Daniel Inouye.

Brewbaker says public investment in Hawaii has been shrinking for a half-century.







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Maneki_Neko wrote:
To most people, a plodding economy would mean we should be cautious on spending and careful to save for a possible rainy day. In the Abercrombie dictionary, "plodding" means go out and spend lots of money that we don't have.
on January 4,2013 | 03:00PM
Kuniarr wrote:
The outlook of the economist directly contradicts the outlook of the governor who predicts an over 8% growth in 2014 and 10% growth in 2015.
on January 4,2013 | 03:12PM
HD36 wrote:
All the eonomic models and stress tests, never entertain the scenario that interest rates rise. Why is this important? If interest rates rose to 10%, half of what they were in the 80's, the Federal Government would be spending 100% of its revenue on interest payments towards the Federal Debt. The Federal Reserve announced yesterday they may stop buying $45 billion dollars of long term treasuries in June. Being that they are buying around 90%, if nobody steps up to buy, rates will spike, like they did in Greece, Italy, Portugal and France.
on January 4,2013 | 03:35PM
Hapa_Haole_Boy wrote:
Brew's last comment is most telling. The state's infrastructure is absolute cr@p. it's been on a death spiral since at least the 90's. pensions and state govt salaries are too high to devote significant resources to real investment.....
on January 4,2013 | 03:46PM
ichiban wrote:
About week ago The Gov gave a forecast of $429 million increase in spending for 2013. Economist Brewbaker wants the state to "revive investment and rethink how it delivers public service". What an ambiguous statement. Hey SA get your reporter to ask the economist for the type of investments or public services he's talking about. Explain public investment in Hawaii too. This report to me is a non-story, a filler for an empty space of a page.
on January 4,2013 | 04:04PM
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