By Malia Zimmerman, includes “Hawaii Gov. Neil Abercrombie’s administration is touting fiscal prudence, announcing the state deposited $100 million to the Hawaii Employer-Union Health Benefits Trust Fund in late June. That was to “prefund” the cost of the state’s unfunded liabilities, including health insurance premiums and life insurance for state retirees. However, Sheila Weinberg, founder and CEO of the Chicago-based fiscal watchdog Truth in Accounting, said Hawaii can’t claim it’s being fiscally prudent because that trust fund is “drowning in debt.” “Flaunting this relatively little deposit is like expecting people to think you’re a hero because you threw a one-foot rope into the water to save someone drowning in water 110 feet deep,” Weinberg said.”
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